Terraform Labs Has Paid in Full its Taxes in South Korea, Says Do Kwon

A lot has been said about Do Kwon, his cryptocurrency project, and the failure of the two native digital assets in the past two weeks. One of them included owning $78 million in taxes to South Korea, but Kwon refuted this, saying his firm had paid its dues.

  • CryptoPotato summarized the events that transpired two weeks ago when UST – the algorithmic stablecoin issued by Terra – lost its peg against the dollar (supposed to be 1:1).
  • This allowed users to profit by arbitrage trading against LUNA, which essentially tanked both assets’ prices. As of now, LUNA trades at $0.00016 (it was worth $80 earlier in May), and UST is at $0.06.
  • Being the person behind the Terra ecosystem, Do Kwon attracted massive negative attention, from being reportedly harassed at home to being in the grasp of losing multi-million dollar bets and having to find a solution to a desperate situation.
  • Another blow came earlier this week when reports emerged claiming that Terra had to pay $78 million in taxes to the South Korean government.
  • Responding to a question on the matter from a community member, Kwon said, “we have no outstanding tax liabilities in Korea.” He added that the local tax agency had conducted a tax audit, but his company had “paid in full.”
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

You Might Also Like:


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 97,681.17 0.95%
Ethereum (ETH) $ 3,365.50 0.15%
Tether (USDT) $ 1.00 0.09%
Solana (SOL) $ 250.37 2.48%
BNB (BNB) $ 657.68 1.09%
XRP (XRP) $ 1.40 9.41%
Dogecoin (DOGE) $ 0.420655 10.36%
USDC (USDC) $ 1.00 0.07%
Cardano (ADA) $ 1.03 4.92%
Lido Staked Ether (STETH) $ 3,368.76 0.35%