A lot has been said about Do Kwon, his cryptocurrency project, and the failure of the two native digital assets in the past two weeks. One of them included owning $78 million in taxes to South Korea, but Kwon refuted this, saying his firm had paid its dues.
- CryptoPotato summarized the events that transpired two weeks ago when UST – the algorithmic stablecoin issued by Terra – lost its peg against the dollar (supposed to be 1:1).
- This allowed users to profit by arbitrage trading against LUNA, which essentially tanked both assets’ prices. As of now, LUNA trades at $0.00016 (it was worth $80 earlier in May), and UST is at $0.06.
- 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 $78 million in taxes to the South Korean government.
- Responding to a question on the matter from a community member, Kwon said, “we have no outstanding tax liabilities in Korea.” He added that the local tax agency had conducted a tax audit, but his company had “paid in full.”