Do Kwon asserts that Terraform Labs has paid all of its taxes in South Korea


Terraform’s Do Kwon denied accusations that the corporation owes the South Korean government roughly $80 million in taxes.

Do Kwon, his cryptocurrency project, and the demise of the two native digital assets have been the subject of much discussion in recent weeks. One of the allegations was that Kwon’s corporation owes the South Korean government $78 million in taxes, which he denied.

Terra’s algorithmic stablecoin, UST, lost its dollar peg two weeks ago, as detailed by a report in this article. To benefit from arbitrage trading against LUNA, permitted customers to do so, which effectively lowered both assets’ values. LUNA is now trading at $0.00016, while UST is currently trading at $0.06.

Aside from the fact that Do Kwon was in charge of creating the Terra environment, he was subjected to an enormous amount of unwanted attention, including reports that he was being harassed at home.

Terra was dealt another blow earlier this week when allegations surfaced suggesting that the South Korean government had to pay Terra $78 million in taxes.

If you’re wondering about your tax obligations in Korea, Kwon said, “We have no outstanding taxes in Korea.” A tax audit had been performed by the local tax authority, he said, but that his firm had “paid in full.”

Also Read: Stablecoins Dropped $7B in May as Traders Redeem Tokens in Massive Quantities

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