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IRS Files $44 Billion Tax Claims in FTX Bankruptcy, Prioritizing Administrative Claims Over Creditors

The US Internal Revenue Service (IRS) has filed tax claims of $44 billion in the FTX bankruptcy case, prioritizing them over the creditors' claims. The IRS filed the tax bill under administrative claims, which have the highest priority among creditor claims in a bankruptcy case.

This means that the court will likely consider them during funds distribution before other unsecured FTX creditors. However, the dispute is still in motion, and the court is yet to determine how the filing affects the situation. FTX may resume operations in Q2 of 2024, according to the legal team, while the exchange's former CEO is facing criminal charges.

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