The IRS Is Trying To Claim $44 Billion From FTX Bankruptcy – May 11

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Current Bitcoin Price$26,893

Bitcoin price is slipping into the $26,000s today, as price appears to be struggling to hold onto support in its recent range.

Top-20 altcoins are down across the board as Ether drops 2%, BNB falls 2% and Cardano drops 3% over the last 24 hours.

Top Stories for May 11, 2022 🔥

👉 The IRS Is Trying To Claim $44 Billion From FTX Bankruptcy

The US Treasury and the Internal Revenue Service (IRS) have filed 45 claims worth $44 billion against bankrupt cryptocurrency exchange FTX and its subsidiaries.

The IRS assessed a balance of $20.4 billion against Alameda Research LLC in partnership and payroll taxes, while also making claims of $7.9 billion, $7.5 billion, and $2.0 billion against Alameda Research LLC and Alameda Research Holdings.

The claims were filed under “administrative priority,” allowing them to supersede unsecured creditors during bankruptcy proceedings.

👉 Developers Have Deployed Uniswap Contracts On Bitcoin

Developers have deployed Uniswap’s smart contracts onto the Bitcoin network to develop the decentralized finance (DeFi) ecosystem and capitalize on the rise of BRC-20 tokens.

The protocol, called Trustless Market, lets liquidity providers earn a 2% cut on all swaps conducted on the network and has attracted over 2,000 users, with daily volumes of $500,000.

👉 BlockFi Customers Can Be Refunded $300M From Custodial Wallets

BlockFi customers are set to receive nearly $300 million after a bankruptcy judge ruled that assets held in the company’s custodial wallets belong to clients, not the company.

However, the judge ruled against repaying $375 million in BlockFi’s interest-bearing accounts. The ruling comes after a months-long dispute over customer wallets in the US Bankruptcy Court for the District of New Jersey.