The most talked about topics since the beginning of this month have been Do Kwon, the founder of Terra, and the fall of Luna. After his proposal to reincarnate the series, Kwon eventually responded, clearing the air on some of the problems.
Is Kwon aware of claims circulating on the Internet that he was relocating to another country a few days before the accident? He said that he has been a resident of Singapore since December 2021. However, it was a long-planned and personal decision.
Meanwhile, he added that Korea has no cryptocurrency tax and a low cost of living. He further said that he has discussed this in several podcasts and interviews.
Kwon said closing a business takes time and that timing is purely coincidental. However, he also said that he owns less than 0.1 percent of the LUNA supply, which makes it difficult to burn tokens to benefit the community.
Terra Tax Evasion?
The Terra founder said his company had no outstanding tax liability in South Korea. All cryptocurrency companies were audited by the National Tax Agency. Each foreign firm was subjected to the Korean Tax Code, which was fully paid for by Terra.
According to sources, the South Korean tax agency is pursuing the founder of Terra and is seeking a fine of $78 million. Kwon is being pursued by tax authorities for evading corporate and income taxes. Terra was also said to be dissatisfied with the country’s tax laws.
In response to the reports, Kwon said that they are just interesting rumours. Meanwhile, he said the Korean government needed the money to continue with its current spending. They demanded millions from cryptocurrency companies, and Terra paid their full share as well.
Meanwhile, there are indications in the country that playwrights are requesting that Kwon be summoned for various claims. Kwon replied that he would be happy to participate in any parliamentary inquiry to the best of his ability.