IRS seeks $44B from bankrupt FTX crypto exchange

The IRS has filed 45 claims worth $44 billion against bankrupt cryptocurrency exchange FTX and its subsidiaries, with the single biggest claim involving unpaid partnership and income taxes of $20.4 billion assessed against Alameda Research. The IRS filed the claims under “administrative priority,” enabling its claims to supersede that of unsecured creditors during bankruptcy proceedings. FTX had recovered $7.3 billion in assets and would consider rebooting the exchange next year, but its liabilities still outweighed its assets by an estimated $8.7 billion at the time of the announcement.