May 6, 2024
By Anjali Kochhar
Roger Ver, often known as ‘Bitcoin Jesus,’ is facing federal allegations of tax evasion and mail fraud, with the Department of Justice charging that he avoided approximately $50 million in taxes.
The charge, released in federal court in Los Angeles, comes after Ver’s arrest in Spain over the weekend. US authorities are now seeking his extradition to face trial.
Ver, 45, gained prominence for his early ventures into cryptocurrency and his fervent advocacy for its adoption. Originally from California, he relinquished his U.S. citizenship in 2014 to become a citizen of St. Kitts and Nevis, a dual-island nation nestled between the Atlantic Ocean and the Caribbean Sea.
Nicknamed “Bitcoin Jesus,” Ver’s evangelism for digital currencies propelled him into the spotlight. However, his reputation now faces scrutiny as allegations of tax evasion surface.
According to the indictment, Ver failed to disclose ownership of 131,000 Bitcoins in 2014 when he renounced his citizenship. This omission enabled him to avoid paying taxes on significant holdings and underreport his cryptocurrency wealth. With Bitcoin’s current value hovering around $57,000, Ver’s stash is estimated to be worth approximately $7.5 billion.
The charges underscore the growing regulatory scrutiny surrounding cryptocurrency transactions and investments. Authorities are increasingly vigilant in monitoring the burgeoning digital asset landscape to prevent fraudulent activities and ensure compliance with tax laws.
Ver’s case serves as a cautionary tale for cryptocurrency enthusiasts and investors, highlighting the importance of transparency and adherence to regulatory guidelines. As the crypto market continues to evolve, stakeholders face mounting pressure to navigate legal complexities and uphold financial integrity.
The outcome of Ver’s legal procedures might have far-reaching consequences for the future of Bitcoin legislation and enforcement around the world. As the case progresses, the cryptocurrency world waits with bated breath, grappling with the consequences for one of its most prominent individuals.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
