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Terra’s Do Kwon Accused of Tax Fraud in S. Korea

Terra founder Do Kwon has been ordered by South Korea’s National Tax Service to pay $78 million/$100 billion won in tax penalties. So reports Benzinga

The tax service alleges The Ancore Company and Terraform Labs, the parent companies of Terra, evaded income and corporate taxes by sending LUNA digital assets from a “Singapore-established entity to the Luna Financial Guard (LFG) and determined that the transfer was done to avoid taxes,” according to the article. Additionally, the report adds further taxes may be collected on LFG’s Bitcoin assets.

Read the full article from Benzinga.


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