Latest Crypto Exchange Bankruptcy Spurs Tax Confusion

As another major cryptocurrency trading platform succumbs to market instability and files for bankruptcy in what has been a cataclysmic year for the industry, questions loom surrounding the tax implications for affected stakeholders.

On November 11, offshore crypto exchange FTX Trading Ltd.—which consists of West Realm Shire Services Inc (FTX US) and Alameda Research Ltd., as well as roughly 130 other affiliates—filed for Chapter 11 bankruptcy in the District of Delaware.

Collectively, the companies are known as the FTX Group. Sam Bankman-Fried has resigned from his post as CEO, replaced by John Ray III, the group announced in a release posted on social media.
crypto currency by Art Rachen is licensed under Unsplash

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