Do Kwon states that Terraform Labs has no tax responsibilities in Korea

Contrary to what has been reported in the mainstream media, the Chief Executive Officer of Terraform Labs, Do Kwon, said that his company does not have any tax responsibilities in South Korea.

Terraform Labs was at the centre of the collapse that occurred as a result of a large bank run that wiped out the value of the two native assets that were associated with the Terra blockchain, LUNA and UST stablecoin.

Officials in South Korea have opened an investigation into allegations that Kwon and Terraform Labs owe outstanding taxes to the government in the amount of $78 million. On Twitter, a Terra analyst and commentator by the name of FatMan questioned the veracity of Kwon’s statements on the tales.

He said, “We have no outstanding tax liabilities in Korea” after an examination of the corporation’s taxes resulted in the company paying off all of its debts in full.

According to what Kwon had to say about the matter, the business is “ready to engage in any lawsuit or regulatory inquiry to the best of our ability.”

Kwon also said that he has been residing in Singapore from the month of December 2021, notwithstanding the tax status of the firm.

Also Read: U.S. Representative Offers A Law To Safeguard Bitcoin Holdings In Retirement Funds