Overview
- The Justice Department said Ver admitted he willfully failed to report all of his bitcoins on expatriation-related filings, causing a $16,864,105 tax loss and triggering a maximum civil fraud penalty of over $12 million plus interest.
- Under the deferred-prosecution agreement, Ver has paid nearly $49.9–50 million to the IRS covering back taxes, penalties, and interest.
- Prosecutors moved to dismiss the indictment contingent on his compliance with the agreement, with the government retaining the ability to reinstate charges if he breaches the terms.
- Ver renounced U.S. citizenship in 2014 after obtaining St. Kitts and Nevis citizenship, a move that required reporting worldwide assets and paying an exit tax on deemed gains, including bitcoin.
- IRS Criminal Investigation’s Cyber Crimes Unit led the probe, and DOJ and IRS officials said the resolution underscores that digital-asset holders must file accurate returns and pay what they owe.