Crypto exchange FTX has reached a settlement with the Internal Revenue Service (IRS), reducing its $24 billion claim to $200 million to be paid within 60 days after the company’s restructuring plan is approved. Additionally, the U.S. tax authority will receive a $685 million lower priority claim, payable only if funds are available after satisfying customers and other creditors. This agreement resolves a major issue in FTX’s bankruptcy proceedings, allowing the company to move forward with customer and creditor payments. The settlement requires approval from a bankruptcy judge and the implementation of FTX’s restructuring plan.
FTX Reaches Settlement With IRS on $24 Billion Tax Claim
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