Austin Man Sentenced to Two Years in Prison for Underreporting $4M in Bitcoin Gains

An Austin, Texas, man was sentenced to two years in prison for filing a tax return falsely reporting capital gains from selling around $4 million in Bitcoin (BTC). Court records state that between 2017 and 2019, Frank Richard Ahlgren III submitted tax returns that falsely underreported or failed to disclose the sale of around 640 bitcoins at a price of $5,807.53 each, totaling roughly $3.7 million. In 2018 and 2019, Ahlgren sold Bitcoins for more than $650,000, and again did not report these sales. By law, taxpayers must report all cryptocurrency transactions, including sales and any resulting gains or losses. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io