A Bitcoin investor from Texas has become the first person to be imprisoned for failing to disclose crypto gains. The individual in question was sentenced to two years in jail today for filing a tax return that falsely underreported his capital gains from selling $3.7 million in Bitcoin.
According to the US Department of Justice (DOJ), Frank Richard Ahlgren III, a Texas-based Bitcoin investor, “falsely underreported the (realized) capital gains” gained by selling Bitcoin worth $3.7 million from 2017 to 2019.