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Asia Express – Cointelegraph Magazine

by SuperiorInvest

The IRS wants $38 billion in taxes from Alameda

According to the recent flights The US Internal Revenue Service (IRS) claims a total of $44 billion from the bankruptcy of the exchange and related firms, including $38 billion against its sister quantitative trading firm Alameda Research, disclosed by the claims agent of failed cryptocurrency exchange FTX. In a single lawsuit, the IRS assessed $20.4 billion in unpaid partnership and payroll taxes against Alameda Research LLC.

Founded in September 2017 by Sam Bankman-Fried and Tara Mac Aulay, with Caroline Ellison serving as CEO, Alameda was headquartered in Hong Kong and has made up to $5 billion in investments. shops per day at the top. Hong Kong does not levy capital gains taxes. However, because its founders and key executives are US citizens, they are required to pay taxes on their worldwide income regardless of where they live and how many days they actually spend in the US each year, under a very unusual US citizenship tax regime.

The partnership taxes assessed by the IRS indicate that it believes the entity was operating under a partnership regime where, unlike corporations, profits are not taxed at the entity level but are instead “passed through” to its partners and then taxed at the individual level.

If the IRS wins, it could spell bad news for creditors. According to the filing, the IRS is claiming a total of $44 billion in unpaid taxes from FTX and related companies under the trustee’s priority. The IRS’s claims would take precedence over the claims of unsecured creditors, such as a million FTX users, during bankruptcy proceedings. Despite their best efforts, receivers and law firms managed to recover $7.3 billion in assets from FTX and related entities.

The alleged $20.4 billion IRS claim against Alameda Research that is in circulation this week.  (Twitter)The alleged $20.4 billion IRS claim against Alameda Research that is in circulation this week.  (Twitter)
The alleged $20.4 billion IRS claim against Alameda Research that is in circulation this week. (Twitter)

Milady NFT and Token Madness

May 8 see traction in the area meme tokens, a group of self-organized developers created the Milady (LADYS) token on Ethereum (ETH), basing its design on a collection of popular anime non-fungible tokens (NFTs) of the same name. The token has no affiliation with Milady Mixer or Charlotte Fang, the creators of the Milady collection.

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The developers stated that “94% of the tokens were sent to the Liquidity Pool (LP). LP tokens have been burned and the contract is resigned,” while the remaining 1% was transferred to Milady NFT holders and 5% was reserved in multisig wallets for future milestones. In addition, the developers warned:

“$LADYS is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or plan. The coin is completely useless and for entertainment purposes only.”

However, investors seem to have thought otherwise. At the time of publication, each LADYS token is worth $0.0000001285 apiece, a 3,254% increase in one day. May 10. American business magnate Elon Musk tweeted a meme featuring a Milady NFT image, causing the collection’s average selling price to rise:

On May 11, exchanges focused on Asia Pacific such as Gate.io Bybit, Bitget, MEXC Global, and Huobi began listing the meme token. At the time of publication, LADYS’ market capitalization exceeded $100 million, with $245 million traded in the last 24 hours.

Milady NFT price after Musk's shill.  (Open Sea)Milady NFT price after Musk's shill.  (Open Sea)
Milady NFT price after Musk’s shill. (Open Sea)

Kwon’s outlook: Bad to worse

Last May, Terraform Labs co-founder Do Kwon was a rising South Korean billionaire at the helm of the Terra Luna ecosystem and TerraUSD, two tokens worth $40 billion. A year later, Kwon is behind bars in the Baltic state of Montenegro, awaiting trial on charges of forging documents. Luna, his life’s work, now lies in ruins as Kwon faces extradition on fraud charges from both South Korean and US prosecutors related to the Terra Luna collapse, in addition to his Montenegrin legal troubles.

Kwon’s actions really upset a lot of people. The disgraced South Korean businessman faced another setback on May 10 when South Korea’s Chief Justice Yun Chan-Young he froze Kwon’s personal fortune is worth 233.3 billion Korean won ($176 million).

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The ban also applies to the sale of Do Kwon’s Galleria Foret apartment complex in Seoul, a new office hotel and a number of imported cars. The order also prohibits the handling of Kwon’s financial assets, such as securities, bank deposits and cryptocurrencies held in personal accounts on virtual currency exchanges. Several criminal cases are currently pending against Kwon across jurisdictions.

Meanwhile, his lawyers proposed that he be released on bail of 400,000 euros or 437,000 dollars, which is yet to be decided by the court.

The co-founder of 3AC achieved victory

A long time ago, a wise Chinese sage said something along the lines of, “If you can’t solve a problem, then the least you can do is solve the one who caused it.”

On May 5, Singapore’s Justice Sandra Looi Ai Lin of the Anti-Harassment Court released injunction against BitMEX co-founder Arthur Hayes. The ruling came at the request of lawyers representing co-founder Su Zhu of Singaporean hedge fund Three Arrows Capital (3AC), which is undergoing bankruptcy proceedings with total claims of $3.5 billion. The restraining order prohibits Hayes, under penalty of fine or imprisonment by the Singaporean authorities, from, among other things:

“By any means, using any threatening, abusive or insulting words or behavior or making any threatening, abusive or insulting communication that would cause the applicant [Su Zhu] harassment, alarm or distress.”

Hayes is one of the many creditors of 3AC, p alleged a $6 million personal claim. But unlike his colleagues who prefer glue with official communications from the BVI bankruptcy court raising funds (with mixed results), Hayes regularly highlights the behavior of the 3AC co-founders on Twitter, writing one case“be warned. I want my fucking money,” in response to the alleged Bahraini collection of state assets by Zhu and his colleague Kyle Davies.

Despite the financial difficulties, Zhu and Davies appear to have largely recovered from the unpleasant experience. These days Davies often brags about his culinary skills on social media as Zhu shares his opinion world philosophy how does this relate to the fall of 3AC.

Zhu Su Restraining Order Against BitMEX Co-Founder Arthur Hayes (Singapore Harassment Court Protection)Zhu Su Restraining Order Against BitMEX Co-Founder Arthur Hayes (Singapore Harassment Court Protection)
Zhu Su Restraining Order Against BitMEX Co-Founder Arthur Hayes (Singapore Harassment Court Protection)

Zhiyuan Sun

Zhiyuan sun is a journalist at Cointelegraph focusing on technology related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com, and Seeking Alpha.

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