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The king cryptocurrency continues its rise and has completed the journey up to $47,699 towards the $50,000 target. Experts had been suggesting for several days that the ongoing movement could lead to new highs. However, on the other hand, the US took a significant step that concerns all cryptocurrency investors in the region.
Crypto Tax Evasion and Prison Time
A Federal Court yesterday tried a citizen for crimes such as underreporting on tax returns and avoiding currency transaction reporting requirements. According to the indictment, between 2017 and 2019, Frank Richard Ahlgren from Austin sold $4 million worth of Bitcoin but reported them incompletely, filling out false tax returns. Tax evasion is a serious offense in the US, and this move could be the start of a bad period for investors in the region.
It is alleged that in 2017, Ahlgren spent the income he earned from selling approximately $3.7 million worth of Bitcoin on purchasing real estate. The citizen, who underreported his 2017 income, sold more than $650,000 worth of BTC in 2018 and 2019 and failed to report these as well.
The indictment also states that after selling a portion of Bitcoin for cash, Ahlgren split it into small parts to avoid triggering currency transaction reporting requirements. Ahlgren faces up to five years in prison for each structuring offense and three years for each false return offense.
