Who Is 'Bitcoin Jesus': Meet The Ex-CEO Of Bitcoin.com, Detained For $48-Million Tax Evasion
Roger Ver, aka 'Bitcoin Jesus', was an early Bitcoin adopter starting in 2011 and became a prominent advocate for the cryptocurrency.
Roger Ver, known in the cryptocurrency community as "Bitcoin Jesus," has been detained in Spain on charges brought by the US of evading taxes amounting to at least $48 million. The US Department of Justice confirmed that Ver, aged 45, faces allegations of mail fraud and tax evasion, with the indictment revealed post-arrest this past weekend in Los Angeles Federal Court.
Details emerged that the US Supreme Court last year declined to hear an appeal from an unnamed law firm which was held in contempt for not complying with a grand jury subpoena seeking records pertinent to a client, speculated to be Ver.
Ver’s legal representative, Bryan Skarlatos, expressed shock and disappointment over the arrest, stating, "Mr Ver relied on leading tax professionals to help him report his Bitcoin and he always intended to fully comply with his US tax obligations" Skarlatos remains confident about proving Ver’s innocence in court, if necessary.
Who Is Bitcoin Jesus?
Previously holding the position of CEO at Bitcoin.com, Ver was an early Bitcoin adopter starting in 2011 and became a prominent advocate for the cryptocurrency, earning his nickname due to his enthusiastic promotion of Bitcoin.
Renouncing US Citizenship
His legal woes began following his renunciation of US citizenship in 2014 to become a citizen of St. Kitts and Nevis, which the prosecutors argue had significant tax implications under US law.
Yesterday was the 10 year anniversary of renouncing my US citizenship. https://t.co/zhQ97FbsxD pic.twitter.com/zYcmutrnxD
— Roger Ver (@rogerkver) February 5, 2024
According to US tax regulations, renouncing citizenship triggers a "constructive sale" where property is considered sold at market value the day before the citizenship is given up. At the time of his citizenship switch, Ver and his companies, MemoryDealers.com and Agilestar.com, held approximately 131,000 Bitcoins, valued then at around $114 million.
Tax Return Issues
Prosecutors allege that Ver, with the assistance of a law firm, filed expatriation-related tax returns that underreported these assets significantly. They further accuse him of taking control of and later selling about 70,000 Bitcoins from his companies in 2017 for approximately $240 million, without paying the due taxes on these transactions.
The indictment covers tax evasion activities from 2014 through 2017, during which the IRS reportedly lost out on $48 million in taxes. The Justice Department is now pursuing Ver's extradition to face these charges. The case highlights ongoing legal and regulatory challenges surrounding cryptocurrency and taxation.
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