BTC
by BSCN
January 27, 2025
Ver, who renounced his U.S. citizenship in 2014, is accused of failing to report capital gains from Bitcoin sales and underreporting his holdings during his expatriation process.
Mr. President, I am an American, and I need your help. Only you, with your commitment to justice, can save me @realDonaldTrump pic.twitter.com/WhVTZ1M1GB
— Roger Ver (@rogerkver) January 26, 2025
In 2011, Ver discovered Bitcoin when its price was less than $1. Drawn to its potential to disrupt traditional financial systems, he quickly invested heavily in Bitcoin and helped establish some of the industry’s biggest names, such as Blockchain(.)com, Kraken, and Ripple.
His early advocacy earned him the nickname "Bitcoin Jesus," a title that reflects his passion for promoting Bitcoin to the masses.
In 2017, Ver’s stance on Bitcoin took a dramatic turn when he became a prominent supporter of Bitcoin Cash (BCH), a fork of Bitcoin. Ver believed Bitcoin’s original vision had been diluted, and Bitcoin Cash addressed his concerns by promising faster transaction speeds and lower fees. This shift caused friction within the Bitcoin community, with Ver accusing Bitcoin maximalists of abandoning Bitcoin’s founding principles.
Ver’s outspoken views and his active promotion of Bitcoin Cash led to even more scrutiny from the cryptocurrency community and beyond. His stance has led some to see him as a visionary, while others view him as an opportunist seeking to profit from Bitcoin’s evolution.
Roger Ver’s legal troubles began in 2022 when U.S. authorities filed charges against him, accusing him of mail fraud, tax evasion, and filing false tax returns. Specifically, Ver allegedly failed to report capital gains from Bitcoin sales in 2017 and underreported the value of his Bitcoin holdings when he renounced his U.S. citizenship. Ver’s indictment claims that his actions caused at least $48 million in losses to the IRS.
The Justice Department’s charges also accuse Ver of undervaluing his companies, which reportedly held 73,000 Bitcoin, and failing to report his personal holdings. If convicted, he could face significant prison time, with penalties for each charge potentially adding up to decades behind bars.
Ver’s legal situation worsened when he was arrested and released on bail in Spain, where he remains under strict conditions. He is required to stay in the country, surrender his passport, and appear in court every two days as he awaits the next stage of his legal proceedings.
Ver’s situation is complicated by his legal status as a former U.S. citizen. In 2014, he renounced his U.S. citizenship and became a citizen of Saint Kitts and Nevis, a move that Ver has often described as a safeguard against government overreach. However, his connection to the U.S. through past business dealings, as well as his high-profile involvement in cryptocurrency, has kept him on the radar of U.S. authorities.
While Ver’s appeal to Trump may seem bold, it’s not without precedent. Trump has previously granted pardons to Ross Ulbricht, the founder of the infamous Silk Road platform. In fact, Trump signed an executive order on cryptocurrency in the Oval Office just last week, prompting speculation that Ver could be next in line for a pardon.
Ulbricht, who was sentenced to two life terms for operating Silk Road, received an unconditional pardon from Trump in a move that shocked many. This act of clemency was widely discussed in the cryptocurrency community, with some speculating that Ver might benefit from similar treatment, given his prominent role in the industry.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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