Terra Founder Do Kwon Facing Investigation on Tax Fraudulent

Do Kwon, the Founder of Terra Is Clearly on the Run
  • The Do Kwon fraudulent investigation began.
  • Kwon was discovered to have stolen revenue by avoiding 50 billion won ($39 million) in taxes.

Do Kwon is being investigated for tax fraud by the Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team. The National Tax Service discovered that Kwon benefited from tax avoidance worth 50 billion won ($39 million).

The continue enquiries on Do Kwon

The National Tax Service identified a suspicious flow of money from an offshore corporation dealing between Singapore and the Virgin Islands in June 2021. Kwon was discovered to have stolen revenue by avoiding 50 billion won ($39 million) in taxes, according to the National Tax Service. 

And the investigation was still being looked into. On May 23, police attempted to halt the project’s funding. Authorities questioned Terraform Labs workers on May 30 in order to determine whether they were aware of Terra’s dangers and design flaws.

Tax evasion rumor’s have been spreading in Kwon for some time. Kwon was reported to owe 100 billion won ($78 million) in taxes in May just after Terra started to collapse.

At the time, Kwon denied tax avoidance, saying his project had no outstanding tax liabilities in Korea. He only paid a penalty to tax authorities after an audit because of disparities in foreign business regulations.

And the investigation was still being looked into. On May 23, police attempted to halt the project’s funding. Authorities questioned Terraform Labs workers on May 30 in order to determine whether they were aware of Terra’s dangers and design flaws.

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.