News

Dogecoin Creator Billy Markus And Elon Musk Reacts To IRS $24 Bln Fine On FTX

Elon Musk | FTX Fine: Robert Kiyosaki went on to advise people to buy Bitcoin, gold, and silver in anticipation of a market meltdown and a big collapse.
Published by
Dogecoin Creator Billy Markus And Elon Musk Reacts To IRS $24 Bln Fine On FTX

Internal Revenue Service (IRS) has imposed a $24 billion fine on the defunct crypto exchange FTX as the government is unable to provide any estimated figures of the fraud.

On November 30, the IRS filed tax allegations that had gone “unexplained” for months. The IRS then threatened to stall the Debtors’ progress and any disbursement to consumers and other creditors indefinitely, according to FTX in court.

Advertisement

Billy Markus And Elon Musk’s Reaction on IRS FTX Fine

Reacting to the whopping amount of tax due, Dogecoin creator Billy Markus has taken a dig into the IRS. In an X post, pointing towards IRS Billy stated that collecting taxes may take precedence over paying victims of frauds.

Additionally, Billy emphasized the apparent mismatch in priorities, implying that the system prioritizes getting the government’s part over reimbursing those who have incurred financial losses as a result of fraud.

Along with Billy, SpaceX CEO Elon Musk also showed his curiosity about the case. Musk who’s also a dogecoin proponent has commented “Wow” on the same post. Although it’s just a mere reaction, the comment is evident that the fine has gathered so many eyes.

Many X users along with the victims of the FTX collapse have commented on the post. Citing Billy as right, users want the IRS to return the exploited funds to users.

FTX went bankrupt in early November 2022. The reports revealed that an associated trading firm, Alameda Research, drew the majority of its worth from speculative cryptocurrency tokens.

Also Read: Grayscale Executives Update Investors About GBTC’s Approval As Spot Bitcoin ETF

Advertisement

IRS Vs FTX Till Now

According to the filing on Wednesday, the IRS has filed 47 pending claims against FTX. The filings estimate a total tax burden to be around $24 billion. Meanwhile, FTX’s advisers claim that the corporation not only has no tax liability but also has over $11 billion in net taxable losses.

The defunct crypto exchange has requested that the tax claims be valued at zero or an amount determined at trial. Otherwise, the majority of the company’s assets would have to be set aside for IRS claims, according to the corporation.

While the IRS records against FTX are very brief, the allegations say that the company owes a variety of taxes. It includes unemployment, payroll withholding, income, and partnership taxes.

The Department of Justice slapping Binance with a $4 billion fine is one of the largest penalties ever issued on a cryptocurrency exchange. If the IRS’s charges are found to be true, FTX’s $24 billion tax penalties will take the first place.

Also Read: Hashdex Submits Amended Bitcoin ETF Filing To US SEC: Bloomberg

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Coinbase CEO Says Market Structure Bill Will Pass by Year-End Despite Government Shutdown

Coinbase CEO Brian Armstrong has said he expects the long-awaited U.S. crypto market structure bill…

October 24, 2025
  • News

Breaking: Trump To Meet China’s President On October 30, Bitcoin Bounces

Bitcoin surged above $111,000 after confirmation that President Donald Trump and Chinese President Xi Jinping…

October 23, 2025
  • News

Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes

U.S. President Donald Trump has reportedly pardoned Binance founder Changpeng "CZ" Zhao for his conviction…

October 23, 2025
  • News

Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up

Bitcoin critic and renowned economist Peter Schiff has challenged Binance co-founder Changpeng "CZ" Zhao to…

October 23, 2025
  • News

Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume

Crypto exchange Robinhood has listed Hyperliquid's native token HYPE for its U.S. clients. This comes…

October 23, 2025
  • News

Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow

The U.S. Bureau of Labor Statistics (BLS) will release the Consumer Price Index (CPI) data…

October 23, 2025