Terraform Labs has no tax liabilities in Korea, Do Kwon says


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Do Kwon, CEO of Terraform Labs,  said today on Twitter that contrary to reports, his company has no tax liabilities in South Korea.

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Terraform Labs is the core development team working on the Terra blockchain whose native assets, LUNA and UST stablecoin, recently collapsed after a bank run that wiped out billions of dollars of value . 

A recent media report suggested that authorities in Korea were investigating Kwon and Terraform Labs in more than $78 million in unpaid corporate taxes. When questioned on Twitter by FatMan, an anonymous Terra analyst and commentator, about the accuracy of the reports, Kwon responded.

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“We have no outstanding tax liabilities in Korea,” he said, adding that the company had already paid its dues in full after it faced a tax audit.

“Happy to engage with any lawsuit or regulatory inquiry to the best of our ability – we have nothing to hide,” Kwon added.

Besides his comment on the company’s taxes status, Kwon said that his precise location has been Singapore since December 2021.

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