Do Kwon Pushes Back: Terraform Labs Has Fully Paid Its Taxes In South Korea
Do Kwon the Terraform Labs Co-Founder has pushed back on reports that the company owes $78 million in taxes to the South Korean government.
After the fall of UST and LUNA, Do Kwon, has been mentioned in several news reports. According to one of the recent report, Do Kwon and Terraform Labs were fined for $78 million by tax authorities in South Korea. Kwon denied this for being true and said that his firm had paid its dues.
We have no outstanding tax liabilities in Korea
The NTS did conduct a tax audit across all the major crypto cos with a presence in Korea and applied Korean tax code to foreign mother companies, and every company ended up paying as a result – we paid in full
Two weeks ago UST – Terra’s algorithmic stablecoin – lost its 1:1 peg against the dollar, which allowed users to profit by arbitrage trading against LUNA, which eventually tanked both assets’ prices. Currentyl, LUNA trades at $0.00019, down from $80 earlier in May. UST is priced at $0.065.
Do Kwon, the frontman for the Terra ecosystem, attracted massive media attention, from being reportedly harassed at home to being in the grasp of losing multi-million dollar bets and having to find a solution to a desperate situation.
According to one of the reports Terra was fined with $78 million for unpaid taxes to the South Korean government.
Kwon relied to a question about the tax issue on Twitter, and said that they have no outstanding tax liabilities in Korea.
Understand why this would be interesting to look at for gossip but not sure if its relevant to anything thats going on
Korean govt needed money to shore up covid spending, creatively charged millions from crypto companies, and we paid our share in full – all there is to it
