2023-12-12

🚨 IRS Claims Billions from FTX

December 12, 2023

Howdy Folks,It's kinda reassuring that BTC held the $40k line during that little dip....can we now continue with the green candles, please?

Let's take the plunge!

IRS Tango with FTX
Jimmy Wales vs. Crypto
FIFA Chooses Polygon

🔐 FTX Battles IRS Over Billions

FTX's legal dance with the IRS is spinning heads, as the taxman demands a staggering $24 billion. 💰

FTX's lawyers argue that the IRS's staggering claim is baseless, considering the exchange's short three-year lifespan and substantial financial losses. 🚫The legal tussle centers on whether FTX distributed dividends or earnings sufficient to warrant such a massive tax bill.The only people they distributed anything to were themselves (well...the previous "leaders")...give them the tax bill, not the users who lost all their savings!

The legal ballroom sees dramatic twists from an initial $44 billion tax bill to a contested $24 billion. 🎭FTX's stance remains firm: they owe nothing to the IRS.This standoff creates a daunting hurdle in the exchange's efforts to compensate creditors, as the IRS demands a sum that triples the estate's available assets. 🛑Come on, IRS, do the right thing by the people! 🤞It's a high-stakes courtroom waltz between the bankrupt crypto giant and the relentless IRS. 💼💃

🌐 Wikipedia Founder Faces Crypto Backlash

Jimmy Wales, Wikipedia's founder, ignited a fiery debate in the crypto community with his sarcastic Bitcoin critique. 🥊

Comparing Bitcoin unfavorably to traditional banking systems, Wales sparked a torrent of retorts from key crypto figures on X.This is giving me "old man shouting at clouds" vibes!Pro-crypto lawyer John E. Deaton shared an anecdote about banks hindering large withdrawals, while Dogecoin co-creator Billy Markus and crypto YouTuber Wendy O criticized traditional banks for their financial practices. 💬

The dispute escalated as ShapeShift founder Erik Voorhees lambasted Wales for Wikipedia's persistent donation requests. 🧯Better get some Aloe on that burn!!Crypto advocates suggested that early Bitcoin investments could have spared Wikipedia from aggressive fundraising, highlighting the ironic nature of Wales' critique.This clash underscores the growing tension between traditional and digital financial paradigms. 🌐🤺

⚽ FIFA's Polygon Move: World Cup Tickets Await

FIFA is gearing up to launch a limited series of digital collectibles on the Polygon network, offering lucky fans the chance to attend the 2026 World Cup final.

This move marks a strategic shift from FIFA's previous partnership with Algorand, underscoring Polygon's growing popularity in the Web3 and gaming sectors. 🔄

The "FIFA+ Collect" initiative, first announced last year, aims to democratize access to unique digital memorabilia at accessible prices.With the FIFA Club World Cup 2023 on the horizon, this launch represents a significant step in FIFA's digital strategy. 🏆

Despite underwhelming performance so far, FIFA's NFTs hold the potential to revolutionize fan engagement in sports, blending the thrill of the game with the allure of digital ownership. 🥅As FIFA navigates this new digital frontier, the eyes of the world are on the upcoming collections and their impact on the global sporting landscape. 🎮🥇