Schmidt, a former hedge fund manager based in Austin, Texas, was sentenced to 37 months in federal prison on July 27 for tax evasion. The scheme that unraveledSchmidt managed Translunar Crypto LP, a hedge fund that, as the name suggests, was firmly in the digital asset space. Between 2020 and his expatriation in March 2022, he earned at least $6 to $7 million in unreported income from the fund. If you’ve held crypto in foreign accounts and haven’t filed FBARs, you’re sitting on a ticking clock. The IRS has voluntary disclosure programs that, while expensive, are considerably cheaper than 37 months of your life.