Bitcoin Jesus…in (Ver) and against all ! Bitcoin’s adoption has long been associated with some of its strongest proponents, including Roger Ver, nicknamed “Bitcoin Jesus.” A charismatic figure in our ecosystem, Ver became known for his intense promotion of Bitcoin, then Bitcoin Cash (BCH), a fork he supported since 2017. Today, however, Ver faces challenges of an unprecedented scale: they accuse the US tax authorities of concealing undeclared profits in cryptocurrencies totaling $240 million. Another case that adds to the long list of sins of Bitcoin Jesus. We are taking inventory.
- Nicknamed “Bitcoin Jesus,” Roger Ver has been accused of massive tax fraud involving undeclared cryptocurrencies totaling $240 million.
- Arrested in Spain, Ver disputes the charges, saying he was no longer a tax resident of the United States, while prosecutors are trying to make an example of the case for cryptocurrency holders.
Bitcoin Jesus in the crosshairs of US tax authorities
The cryptocurrency sector is often associated with cases of digital crime such as money laundering or cyber attacks. However the case Roger Veraccused of tax fraud of more than 48 million dollars in unpaid taxes, represents the first case of this magnitude brought to US courts over transactions exclusively in cryptocurrencies, it says Bloomberg.
According to the indictment, Ver hid some of his bitcoins and other cryptocurrencies from US tax authorities when he renounced his citizenship in 2014 to become a Saint Kitts and Nevis. He also allegedly undervalued his companies Memory sellers AND Agilestar. Ver was arrested in April 2024 in Spain while attending a conference on privacy. He was released on bail after a month in custody and is currently in Mallorca awaiting a decision by a Spanish court on his extradition to the United States.
Who wants Roger Ver skin?
Let’s understand the situation of this multi-millionaire crypto tycoon. Roger Ver, born on January 27, 1979 in California, started in Silicon Valley by founding his company Memory sellers at the age of 19. Convinced of the potential of cryptocurrencies circumvent government controlhe started investing in bitcoin in 2011, when it was still worth only one dollar. He very quickly became the voice of the queen of cryptocurrencies, extolling its potential at conferences and meetups, becoming the “Bitcoin Jesus.”
Ver invests in pioneering companies in the ecosystem such as e.g Blockchain.com, BitPay AND Rippling. However, in 2017 after a disagreement with the bitcoin community when code changes, Ver chooses to support Bitcoin Cash (BCH)an alternative version of Bitcoin that it considers more faithful to the original vision of the cryptocurrency. This is the fork we mentioned in the introduction. Today, Ver continues to support Bitcoin Cash, claiming that the fork allows for faster and cheaper transactions.
Roger, in (Ver) and against all
Roger Ver, who renounced his US citizenship incl 2014 for fiscal and philosophical reasons, he claims he has nothing to hide. His defense is based on the fact that he was no longer a tax resident of the United States at the time of the alleged facts and that he resided in Japan. However, the US attorney claims that Ver actually lived in the Los Angeles and as such he should declare his bitcoin profits and pay the corresponding taxes.
Ver also defends himself by saying that he instructed his tax advisors to diligently comply with tax regulations, while the IRS guidance on the taxation of cryptocurrencies was unclear. ” I have instructed all my lawyers and accountants to do things perfectly so I never get in trouble with the IRS ” he said during an interview with Bloomberg last October. He argues that the Justice Department is ignoring evidence in its favor and says the case is a targeted crackdown.
Case Roger Ver is the first in the United States to exclusively highlight allegations of tax fraud related to cryptocurrency transactions. The move could set a precedent for cryptocurrency holders in the United States as tax authorities step up their pursuit of these digital assets. The prosecutor in charge of the case made no secret of his intention to make an example of the case, saying: “ We believe that there are many people who own cryptocurrencies and do not pay taxes. » While Ver continues to maintain his innocence, it remains to be seen whether or not a Spanish court ruling will allow his extradition. Continued on Journal du Coin.
