CryptoCurrency News - June 16, 2022

In the latest example of global authorities going after Terraform Labs, the organization’s co-founder, Do Kwon, will reportedly be investigated for tax evasion in South Korea.

  • According to local reports, prosecutors carried out a search and seizure from the Seoul Regional Tax Office and were able to secure data from a special investigation by the National Tax Service on Kwon.
  • The Terraform Labs chief is accused of funneling gains from the business to overseas tax havens to avoid paying taxes in Korea.
  • Kwon is also accused of gifting tokens to family members as a way of tax avoidance. These asset gifts were reportedly used to purchase apartments.
  • These tax-related investigations are the latest regulatory troubles for Kwon since the implosion of the Terra ecosystem, including the luna (LUNA) and TerraUSD (UST), crashes.
  • Meanwhile, back in May, Kwon said that Terraform Labs did not owe taxes after the South Korean government slapped the company and its executives with a $78 million tax fine.
  • Do Kwon and Terraform Labs are under investigation in the United States as well and have been ordered to comply with a subpoena issued by the Securities and Exchange Commission.
  • As recently reported by CryptoPotato, Do Kwon refuted allegations stating that he cashed out $2.7 billion months before UST depegged from the dollar.

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