South Korea Officials Investigating Tax Evasion Allegations Against Do Kwon: Report

In the latest example of global authorities going after Terraform Labs, the organization’s co-founder, Do Kwon, will reportedly be investigated for tax evasion in South Korea.

  • According to local reports, prosecutors carried out a search and seizure from the Seoul Regional Tax Office and were able to secure data from a special investigation by the National Tax Service on Kwon.
  • The Terraform Labs chief is accused of funneling gains from the business to overseas tax havens to avoid paying taxes in Korea.
  • Kwon is also accused of gifting tokens to family members as a way of tax avoidance. These asset gifts were reportedly used to purchase apartments.
  • These tax-related investigations are the latest regulatory troubles for Kwon since the implosion of the Terra ecosystem, including the luna (LUNA) and TerraUSD (UST), crashes.
  • Meanwhile, back in May, Kwon said that Terraform Labs did not owe taxes after the South Korean government slapped the company and its executives with a $78 million tax fine.
  • Do Kwon and Terraform Labs are under investigation in the United States as well and have been ordered to comply with a subpoena issued by the Securities and Exchange Commission.
  • As recently reported by CryptoPotato, Do Kwon refuted allegations stating that he cashed out $2.7 billion months before UST depegged from the dollar.
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) $ 68,600.38 0.18%
Ethereum (ETH) $ 2,431.49 1.14%
Tether (USDT) $ 1.00 0.19%
BNB (BNB) $ 558.79 0.18%
Solana (SOL) $ 160.59 0.49%
USDC (USDC) $ 1.00 0.11%
XRP (XRP) $ 0.508827 1.04%
Dogecoin (DOGE) $ 0.16424 9.58%
Lido Staked Ether (STETH) $ 2,429.48 1.21%
TRON (TRX) $ 0.162826 1.30%