Bitcoin News Crypto Cryptocurrency News General News News

The Luna Founder was fined $108.5 million for evading taxes in Korea

The Luna Founder was fined $108.5 million for evading taxes in Korea

The famous founder of Luna, Do Kwon has recently found himself in some trouble after Korea allegedly evaded crypto tax. The TerraUSD (UST) and Luna founders recently announced a vote to abandon their failed stablecoin, Terra, in favor of launching and developing a new blockchain.

According to the Korean news agency Hankyung, tax officials have asked the terraform labs and other businesses related to Do Kwon to pay 100 billion won ($108.5 million) for not paying corporate and income tax.

The tax agency was alerted before Terra’s crash when the founder tried to liquidate a domestic corporation and relocate overseas.

The investigation also revealed that the company behind TerraUSD had transferred cryptocurrency to its Singapore-registered entities to avoid paying taxes in Korea.

According to tax authorities, since the corporation is based in Korea, it should pay domestic taxes even if transactions are occurring overseas.

Additionally, Hankyung reported that the founder might be asked to pay the taxes imposed on the bitcoins bought and sold by the Luna Foundation Guard.


Related Articles

Bitcoin continues to hover around the $37,000 mark as other cryptocurrencies like Ether and Metaverse Tokens see an increase in value


VanEck Partners With Nasdaq For Bitcoin Crypto 2.0 Futures

Akansha Kesarwani

Coinbase to Expand Trading Services across America and Asia

Akansha Kesarwani