A lot has been said about Do Kwon, his cryptocurrency project, and the failure of the two native digital assets in the past two weeks. One of them included owning $78 million in taxes to South Korea, but Kwon refuted this, saying his firm had paid its dues.
- CryptoPotato summarized the events that transpired two weeks ago when UST – the algorithmic stablecoin issued by Terra – lost its peg against the dollar (supposed to be 1:1).
- This allowed users to profit by arbitrage trading against LUNA, which essentially tanked both assets’ prices. As of now, LUNA trades at $0.00016 (it was worth $80 earlier in May), and UST is at $0.06.
- Being the person behind the Terra ecosystem, Do Kwon attracted massive negative attention, from being reportedly harassed at home to being in the grasp of losing multi-million dollar bets and having to find a solution to a desperate situation.
- Another blow came earlier this week when reports emerged claiming that Terra had to pay $78 million in taxes to the South Korean government.
- Responding to a question on the matter from a community member, Kwon said, “we have no outstanding tax liabilities in Korea.” He added that the local tax agency had conducted a tax audit, but his company had “paid in full.”
Understand why this would be interesting to look at for gossip but not sure if its relevant to anything thats going on
Korean govt needed money to shore up covid spending, creatively charged millions from crypto companies, and we paid our share in full – all there is to it
— Do Kwon (@stablekwon) May 21, 2022