Do Kwon: Terraform Labs Has Paid Taxes in Full in South Korea

Do Kwon: Terraform Labs Has Paid Taxes in Full in South Korea

In Brief

  • Terraform Labs, the company behind the Terra cryptocurrency ecosystem, has paid in full its taxes in South Korea, says Do Kwon.

  • UST – the algorithmic stablecoin issued by Terra – lost its peg against the dollar, allowing users to profit by arbitrage trading against LUNA, which essentially tanked both assets’ prices.

  • 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.


Terraform Labs has paid in full its taxes in South Korea, according to Do Kwon.

Terraform Labs has paid it's taxes in full to the South Korean government. This was announced by Do Kwon, the CEO of the company.

Terraform’s Do Kwon denied reports that Terraform has to pay more than $80 million in taxes to the South Korean government.

LUNA and UST tanked in price after users were able to arbitrage trade against each other. LUNA is currently trading at $0.0001847, while UST is at $0.059.

Do Kwon, the person behind the Terra ecosystem, has come under a lot of fire in recent months. He has been harassed at home, and is reported to have lost millions of dollars on bets. He is now in a desperate situation, and needs to find a solution.

Another blow came earlier this week when reports emerged claiming that Terra had to pay $78 million in taxes.

When a member of the community asked him about legal problems with taxes, Kwon responded by saying that his company had “paid in full.” In fact, local tax agencies even conducted an audit with Kwon's company - but this didn't affect business, he said.

The South Korean government needed money to shore up its spending, so it came up with the idea of charging huge fees from crypto companies, and we paid our share in full. That's all there is to it.

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