Catch Me If You Can ! – Do Kwon, CEO of Terraform Labs, made another thunderous statement on Twitter. He believes that, contrary to reports, his company has no tax obligations in South Korea.
Terraform Labs denies South Korea charges
Terraform Labs is the core development team behind the blockchain Terra. As you probably know, the native assets of this blockchain, LUNA and UST, recently collapsed. Thereby, billions of dollars were wiped out, much to the chagrin of investors. This crash has also taken all cryptocurrencies with it.
A report recent suggested that Korean authorities are investigating Do Kwon and Terraform Labs. The cause ? More than $78 million in unpaid corporate taxes. Asked on Twitter by an anonymous Terra analyst and commenter regarding the accuracy of the reports, Do Kwon replied. Among other things, he said that his company had already paid its dues in full after facing a tax audit.
“We have no outstanding tax debt in Korea (…) Glad to engage in any lawsuit or regulatory investigation to the best of our abilities – we have nothing to hide”
Do Kwon, co-founder and CEO of Terraform Labs
Besides his comment on the company’s tax status, Do Kwon said he was in Singapore since December 2021. It should be recalled that after initial reports of a possible Congressional hearing and a Grim Reapers Financial Crimes Unit investigation, Terraform Labs is now on the tax radar. In fact, the company was fined $78 million.
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