Over the past two weeks, there has been a lot of talk about the failure of Do Kwon, his cryptocurrency project, and two underlying digital assets. One of them involved owning $78 million in taxes in South Korea, but Kwon countered this, claiming that his company paid its dues.
- Crypto Potatoes We summarize what happened two weeks ago when UST, an algorithmic stablecoin issued by Terra, lost its peg (estimated 1:1) to the dollar.
- This allowed users to profit from arbitrage on LUNA, which essentially brought down the price of both assets. LUNA is currently trading at $0.00016 (worth $80 in early May) and UST is $0.06.
- Dokwon, behind the Terra ecosystem, has received tremendous negative attention, from rumors of being harassed at home, to a situation in which they are at risk of losing their multi-million-dollar bet and desperately needing to find a solution.
- Another blow came when reports came out earlier this week that Terra would have to pay $78 million in taxes to the South Korean government.
- Answer questions about community membership issues said, “There is no domestic unpaid tax.” He added that the local tax authorities conducted the tax audit, but his company “paid the full amount”.
I understand why this is interesting looking for gossip, but I’m not sure if it has anything to do with what’s going on.
The South Korean government needed money to sustain its COVID-19 spending, creatively charged millions of dollars from cryptocurrency companies, and we paid our share in full.
— Kwon Do-kwon 🌕 (@stablekwon) May 21, 2022
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