The most talked about subjects since the beginning of this month have been Do Kwon, Terra’s founder, and Luna’s fall. Following his proposal for the chain’s rebirth, Kwon eventually responded, clearing the air on some problems.
Is Kwon aware of claims circulating on the internet that he was moving to another country days before the crash? He said he has been residing in Singapore since December 2021. This was, however, a personal and long-planned decision.
Meanwhile, he stated that Korea has no cryptocurrency taxes and a lower cost of living. He went on to say that he has discussed this in numerous podcasts and interviews.
Kwon said closing a business takes time and the timing is entirely coincidental. However, he also said that they hold less than 0.1% of the LUNA supply, which makes it more difficult to burn tokens for the benefit of the community.
Terra evading taxes?
Terra’s founder stated that his company has no outstanding tax liabilities in South Korea. All cryptocurrency companies were audited by the Nationale Tax Agency. Every foreign firm was subjected to the Korean tax code, which Terra fully paid.
According to sources, the South Korean tax agency is suing the Terra founder, demanding a fine of $78 million. Kwon is being sued by the IRS for dodging corporate and income tax. Terra was also reportedly unhappy with the country’s tax laws.
In response to the reports, Kwon stated that they are just interesting rumours. Meanwhile, he stated that the Korean government required funds to continue with its current spending. They demanded millions from cryptocurrency companies, and Terra also paid its full part.
Meanwhile, there are indications around the country that playmakers are calling for Kwon to be called up for various claims. Kwon replied that he would be happy to participate in any parliamentary inquiry to the best of his ability.
