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Asia Express: Alameda Settles $38 Billion IRS Bill with Assets Donated by Do Kwon; Milady Frenzy Ensues

Asia Express: Alameda Settles $38 Billion IRS Bill with Assets Donated by Do Kwon; Milady Frenzy Ensues

The US Internal Revenue Service (IRS) is claiming $38bn in unpaid partnership and payroll taxes from quantitative trading firm Alameda Research, as part of a total $44bn claim against bankrupt cryptocurrency exchange FTX and related firms. The IRS believes Alameda operated on a partnership regime, where profits are passed through to partners and taxed at the individual level. If the IRS prevails, it could take precedence over unsecured creditors during bankruptcy proceedings.

Milady (LADYS), a meme token created on Ethereum, has seen its market cap surpass $100m after being listed on several Asia-Pacific exchanges. The token has no intrinsic value or expectation of financial return, but has seen a 3,254% increase in value in one day’s time. The creators have warned that the coin is completely useless and for entertainment purposes only.

South Korean billionaire Do Kwon, co-founder of Terraform Labs, is facing extradition on fraud charges from South Korean and US prosecutors related to the collapse of Terra Luna. Kwon is also awaiting trial on charges of falsifying documents in Montenegro, where he is currently behind bars. South Korea Chief Judge Yun Chan-Young has frozen Kwon’s personal assets worth $176m, including his Galleria Foret apartment complex in Seoul and a series of imported cars.

BitMEX co-founder Arthur Hayes has been issued with a restraining order by a Singaporean court at the request of Three Arrows Capital co-founder Su Zhu, who is undergoing bankruptcy proceedings with total claims of $3.5bn. The order prohibits Hayes from using any threatening, abusive or insulting words or behaviour that would cause Zhu harassment, alarm or distress. Hayes is one of 3AC’s many creditors, with an alleged personal claim of $6m.

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