FTX, a cryptocurrency exchange, is challenging the Internal Revenue Service’s (IRS) estimated tax claims of $24 billion, arguing that they are exaggerated and unsupported by evidence. The IRS claims are seen as a potential obstacle to the approval of FTX’s Chapter 11 plan. FTX asserts that the claims are disproportionate to its earnings and potential debt obligations. The exchange plans to file an amended Chapter 11 plan in mid-December and start soliciting votes in March to confirm the plan by June. FTX also claims that the IRS’s estimates are baseless and threaten to delay distributions to creditors and customers. The exchange representatives argue that the IRS claims should be estimated at zero dollars. In other developments, FTX has proposed an amended plan to return up to 90% of creditor holdings and is considering restarting its platform for non-US customers. The proposed restructuring plan excludes any allowances for FTT token holders, following a complaint by the SEC.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	None
Companies	US bankruptcy court, Internal Revenue Service (IRS), Alameda Research, FTX, Binance
Currencies	BUSD, IRISnet, TokenFi, FintruX
Securities	None