Terra’s Founder Do Kwon and the Luna collapse have been the hottest topics since the beginning of this month. After proposing some revival plans for blockchain, Kwon finally shared some positive details.
Terra controls 0.1% of LUNA supply
Do Kwon acknowledges online reports that he moved to another country just days before the LUNA collapse. He said he has been living in Singapore since December 2021. But this was a long-planned and personal decision. Meanwhile, he mentioned that Korea has zero crypto taxes and a much cheaper cost of living. He added that he has talked about it in many podcasts and interviews.
Korea has zero crypto taxes and cheaper cost of living – not a major factor in my decision
— Do Kwon 🌕 (@stablekwon) May 21, 2022
Kwon, it takes time to shut down a company and he says the timing is purely coincidental. However, he also explained that they control less than 0.1% of the LUNA supply and therefore it is difficult to burn tokens to help the community.
Does Terra avoid tax obligations?
Terra founder said that the project has no outstanding tax debts in South Korea. According to reports, the South Korean tax authority is after the Terra founder’s tax debt of approximately $78 million. Tax authorities are following the founder for avoiding Corporate and Income tax. He also reports that Terra is unhappy with the country’s taxation policies.
Rejecting the reports, Kwon claimed that they were just rumours. Meanwhile, he stated that the Korean government needs the money to keep moving its covid spending. They demanded millions of dollars from crypto companies, and Terra paid her supplementary share.
Meanwhile, there are reports of quarterbacks demanding that they call Kwon over different allegations. Against this, Kwon says he is happy to participate in any legislative inquiry to the best of his ability. As we reported on cryptokoin.com news, LUNA, which reached $28.50 on May 19, down about 15% from $35, owes Terraforms Labs’ regional tax office 100 billion won (approximately $78.5 million) on the same date. It came to the fore with a South Korean news agency report claiming to be
