‘No outstanding tax obligation’ Terraform Labs’ dissolution timing ‘purely coincidental’


key point

  • Terraform Labs CEO answered some questions from Twitter followers.
  • Kwon clarified several issues surrounding Terra’s collapse.
  • “We are delighted to be involved in any litigation or regulatory investigation to the best of our ability,” he says.

Terraform Labs CEO and founder Do Kwon broke his silence on the issues that led to Terra’s collapse and fiercely denounced the South Korean government for taxes. And his company said it has no outstanding debts in East Asian countries.

Kwon is known for his online arrogance, especially on crypto Twitter, and after Terra’s LUNA and UST’s historic clash, the CEO’s wildly unflattering claims of painting have surfaced online. These include charges of timing the dissolution and liquidation of Terraform Labs in South Korea and charges of unpaid business tax of $78 million in the country.

“I have been in Singapore since December last year. This is a personal decision and has been planned for a long time. I have made public my presence in Singapore through several interviews and podcasts,” Kwon tweeted over the weekend. “Closing a company takes time, and the timing is purely coincidental,” he explained.

Terra UST Photo: Terra – Twitter

Korean courts can remember. document Terraform Labs Korea announced at the general shareholders’ meeting on April 30 that it had decided to dissolve its Seoul and Busan branches. The Busan branch liquidated on May 4 and the Seoul branch liquidated Kwon Do-hyung as a liquidator on May 5.

Kwon also criticized the South Korean government, saying, “The South Korean government needed money to support COVID-19 spending, creatively charged millions of dollars from cryptocurrency companies, and we paid our share in full.”

When a Twitter user asked about a $78 million business tax responsibilityMr. Kwon said, “There is no unpaid tax in Korea. The National Tax Service conducted a tax audit on all major cryptocurrency companies in Korea and applied the Korean tax law to foreign parent companies, so all companies have to pay taxes.” As a result, we paid the full amount. It’s not just about the TFL.”

Another Twitter user said, “I am delighted to be fully involved in any litigation or regulatory investigation. I have nothing to hide.” – Hyun, still pending lawsuit Submitted by LKB & Partners.

“Thanks for the thorough cross-examination, but we have been living in this community the best way we can for the past 5 years and have never done anything that breathes. I hope everyone who has worked with us understands this and cannot prove it in the future. I look forward to being there.” ‘, Kwon wrote on Twitter.

LUNA is trading at $0.0001947, up 65.91%, with a 24-hour volume of $2,063,585,495 (as of 7:27 PM on Sunday). data on CoinMarketCap.

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