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Roger Ver, renowned crypto investor also known as “Bitcoin Jesus” has been reportedly released on bail in Spain. He is facing extradition to the United States on charges of <a href="https://news.todayq.com/australia-tax-watchdog-seeks-data-of-1-2m-crypto-accounts/" rel="noopener noreferrer nofollow">tax fraud</a>. Is Bitcoin Jesus in big trouble? 
As per reports, Ver was released from jail on May 17 after he posted a bail of €150,000 (approx $163,000). It mentioned that the Spanish judge’s decision suggests that Ver must remain in Spain. He needs to surrender his passport and report to court every two days. This came in when an appeal by the prosecutor against his release was dismissed.
It is important to note that the US authorities are seeking Bitcoin Jesus’s extradition to face allegations of tax fraud.&nbsp;
The US Department of Justice reveals that Ver failed to report his capital gains and did not pay taxes on his Bitcoin holdings. In 2017, Ver allegedly sold Bitcoin worth approx €240 million but did not inform his accountant of the sale, resulting in an alleged tax evasion of at least $48 million.
However, he renounced his US citizenship in 2014 and became a citizen of St. Kitts and Nevis. Under US law, he was still obligated to file tax returns for gains from certain assets, including his Bitcoin holdings. What’s more? 
Despite the charges, Ver’s lawyer asserts that he is not a fugitive. He has revealed that he has been in communication with US authorities through his legal team. Campaner criticized the arrest, suggesting it was unnecessary given Ver’s ongoing cooperation with the investigation.
As reported earlier, the Justice Department unveiled the criminal tax fraud charges detailing that Ver had evaded at least $48 million in taxes. The indictment, filed in a California federal court, claims that Bitcoin Jesus failed to report a portion of the 131,000 Bitcoins he owned in 2014 when he renounced his US citizenship.
At the time, each Bitcoin was valued at roughly $871, making Ver’s holdings worth more than $7.5 billion at current prices.
Becoming a US expat requires paying a special tax to the Internal Revenue Service (IRS). The DOJ alleges that Ver misrepresented his Bitcoin holdings in these tax filings, thus evading taxes. Additionally, the indictment claims that Ver continued to underreport his Bitcoin ownership even after expatriation, violating his obligation to pay US taxes on these assets.

Bitcoin Jesus’ bail drama unfolds in Spain Amidst $48M tax fraud allegations

Todayq News

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