Contact

info@th3fus3.com



© 2024 TheFuse. All rights reserved.

Spanish Court Releases Roger Ver on Bail

The so-called Bitcoin Jesus faces an extradition battle

June 6, 2024 11:44 AM

Reading time: 2 minutes, 3 seconds

TL;DR Roger Ver, an early Bitcoin investor, has been released on bail by a Spanish court amid extradition requests from US authorities. Ver faces multiple charges, including mail fraud and tax evasion.

Roger Ver, an early investor in Bitcoin, who has been indicted by the US Department of Justice (DOJ) on multiple charges, including mail fraud and tax evasion, has been released on bail by a Spanish court amid extradition requests from US authorities.

Arrest and Bail Conditions

According to a Bloomberg report, Ver's arrest in late April in Spain led to his release on May 17 after posting €150,000 ($163,000) in bail.

However, he was required to surrender his passport, remain in Spain, and appear in court every two days. The prosecutor's subsequent appeal against Ver's release was rejected two weeks later.

Charges and Allegations

The US DOJ indictment notes that Roger Ver, who earned the nickname "Bitcoin Jesus" for his early advocacy of Bitcoin, is accused of acquiring Bitcoin for himself and his companies as early as 2011, amassing a substantial fortune in the cryptocurrency.

Ver allegedly failed to report capital gains or pay taxes on his Bitcoin holdings despite selling Bitcoins for approximately €240 million in 2017. The indictment alleges Ver concealed these transactions from his accountant, evading tax obligations.

Citizenship and Legal Complications

To complicate matters, Roger Ver renounced his US citizenship in 2014 through eviction, becoming a citizen of St. Kitts and Nevis.

However, US law still required him to disclose and pay taxes on capital gains from his global assets, including his Bitcoin holdings.

The indictment also claims that Ver provided false or misleading information to his legal representatives and appraisers, understating the value of his companies and Bitcoin holdings.

This resulted in the filing of "false tax returns" that significantly undervalued his assets and evaded substantial tax obligations.

Extradition Request and Legal Counsel

According to the report, US authorities actively seek Ver's extradition to face tax fraud charges. The Justice Department alleges that Ver failed to pay at least $48 million in taxes from his Bitcoin transactions and that his assets were undervalued.

Roger Ver's legal counsel, Jaime Campaner, has stated that Ver has been in contact with US authorities through his Californian lawyers, emphasizing that his arrest seemed unnecessary given his cooperation.

"The case against Ver underscores the increasing scrutiny and regulatory measures applied to the cryptocurrency industry."

Increasing Regulatory Scrutiny

As digital currencies grow in prominence and value, governments worldwide are stepping up enforcement actions against platforms and key individuals to ensure compliance with tax and financial regulations.

At press time, the largest cryptocurrency on the market, Bitcoin, is currently valued at $70,990, up 6% in the last seven days.

Share this

Similar news
cryptocurrency

SEC Sets Target on Yet Another Crypto Market Maker

Crypto Market Maker Faces Legal Battle

October 11, 2024 01:00 PM
cryptocurrency

Striple Scores One-Day, 70-Country Stablecoin Payment Success

Stripe had previously discontinued Bitcoin payments due to high fees and slow confirmation times

October 11, 2024 11:59 AM
cryptocurrency

Whales Move 81M XRP Tokens. What's Cooking?

This move and the SEC battle is part of Ripple's ongoing struggles to finally see its day under the sun

October 11, 2024 11:53 AM
All results loaded