Federal Judge Takes Steps to End FTX's Dispute with Largest Creditor in Bankruptcy Hearing
A federal judge in Delaware Bankruptcy Court has taken steps to resolve a long-standing dispute between FTX and its largest creditor, the IRS, over unpaid taxes. The judge has scheduled a hearing for early next year to calculate FTX's debt to the IRS, which has been a sticking point in efforts to compensate the exchange's victims. The IRS claims that FTX owes $24 billion in unpaid taxes, but the judge has cautioned that the agency should not expect a multi-billion-dollar recovery. The judge has urged the attorneys for the IRS and FTX to work together to avoid going to trial and to resolve the case quickly and accurately.
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