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Do Kwon Responds to Terra’s Singapore Move, Clarifies Rumours

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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May 22, 2022

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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 relocating to another country just days before the crash? He stated that he has been a resident of Singapore since December 2021. It was, however, a long-planned and personal 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 that closing a business takes time and that the timing is entirely coincidental. However, he also stated that they own less than 0.1 percent of the LUNA supply, making it harder to burn tokens to benefit 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 chasing Terra founder, demanding a $78 million penalty. Kwon is being pursued by the tax authorities for dodging corporate and income taxes. Terra was also said to be dissatisfied with the country’s taxing 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 in the country that playmakers are requesting that Kwon be summoned for various claims. Kwon responded that he would be pleased to participate in any parliamentary inquiry to the best of his abilities. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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