With the support of a federal judge expediting the FTX bankruptcy case, the hope of recovering their funds is further heightened for the victims. The federal judge, taking steps to resolve disputes in the bankruptcy process, signaled an effort to shorten the duration for customers to recover their money by attempting to end the long-standing disagreement between FTX and the largest creditor, the IRS.
However, during the bankruptcy hearing, the federal judge also noted the need for a quicker resolution despite the complexity of FTX’s bankruptcy.
IRS Claims FTX Owes $24 Billion in Tax Debt
Nevertheless, another complicating factor in FTX’s bankruptcy process is the IRS’s claim. Tax authorities allege that FTX has an outstanding tax debt of $24 billion, and the court proceedings regarding this matter are ongoing. For more details on this news, you can refer to our article below.
The efforts of the federal judge in FTX’s bankruptcy hearing are being regarded as a promising step towards allowing the victims to recover their funds as quickly as possible. However, the uncertainty surrounding the resolution of the tax debt claim remains a subject of curiosity among affected investors.