FTX reaches a settlement with the IRS over a $24 billion tax claim

ChainCatcher news, FTX has reached a settlement agreement with the IRS regarding a $24 billion tax claim, with the settlement amount being only a small portion of what the IRS claims is owed, helping FTX to pay a large amount of customer compensation. The IRS will receive a $200 million priority claim in the FTX bankruptcy case, to be paid within 60 days after the company's proposed reorganization plan takes effect. The agency will also receive a $685 million lower priority claim, 'to be paid on a subordinated basis to customers and other creditors,' and 'subject to the availability of funds.'