Terraform Labs Has Paid All Its Taxes in South Korea, Says Do Kwon
Much has been said about Do Kwon, his cryptocurrency project, and the failure of the two native digital assets over the past two weeks. One of them included owning $78 million in taxes to South Korea, but Kwon refuted that claim, saying his company paid his dues.
- CryptoPotato summarized the events that took place two weeks ago when UST – the algorithmic stablecoin issued by Terra – lost its peg against the dollar (assumed to be 1:1).
- This allowed users to take advantage of arbitrage trading against LUNA, which essentially drove down the prices of both assets. Currently, LUNA is trading at $0.00016 (it was worth $80 earlier in May) and UST at $0.06.
- Being the person behind the Terra ecosystem, Do Kwon has attracted massive negative attention, ranging from being harassed at home to losing multi-million dollar bets and having to find a solution to a situation. desperate.
- Another blow came earlier this week when reports surfaced claiming Terra had to pay $78 million in taxes to the South Korean government.
- Responding to a question about it from a community member, Kwon mentioned, “we don’t have to pay any tax in Korea.” He added that the local tax agency had carried out a tax audit, but that his company had “paid in full”.
Understand why this would be interesting to watch for gossip, but not sure if it’s relevant to everything that’s going on
Korean government needed money to shore up covid spending, creatively billed crypto companies millions, and we paid our share in full – all there is to it
— Do Kwon 🌕 (@stablekwon) May 21, 2022
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