Do Kwon Refutes Allegations of Unfulfilled Tax Obligations in Korea

Terraform Labs CEO and cofounder Do Kwon refuted reports that the company owes nearly $80 million in taxes to the South Korean government. He further claimed that the closure of two offices in South Korea was “purely coincidental,” and not a response to the national tax authorities’ investigation. Terraform Has No Tax liabilities in S. Korea: Do Kwon Another report from local media suggested that Kwon had closed Terra’s headquarters in Busan and Seoul days before the collapse of the Terra ecosystem. Kwon addressed these allegations, saying Terra’s parent company Terraform Labs has “always been incorporated in Singapore” and the timing of shutting down its South Korean subsidiary was just a coincidence. We have no outstanding tax liabilities in Korea The NTS did conduct a tax audit across all the major crypto cos with a presence in Korea and applied Korean tax code to foreign mother companies, and every company ended up paying as a result – we paid in full Not unique to TFL — Do Kwon 🌕 (@stablekwon) May 21, 2022 The Terra CEO also claimed the South Korean government charged crypto businesses “millions” to offset coronavirus-related spending, and ‘creatively charged millions from crypto companies.’ Terra’s S.Korean Office Closure ‘Purely Coincidental’? Another report from local media suggested that Kwon had closed Terra’s headquarters in Busan and Seoul days before the collapse of the Terra ecosystem. Kwon addressed some of the...