Do Kwon Terra Singapore South Korea county Luna Virgin Islands regulation Do Kwon Terra Singapore South Korea county Luna Virgin Islands

South Korean watchdog reportedly fines Terraform Labs $78M for tax evasion

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Terraform Labs and co-founder Do Kwon continue to attract more legal trouble in the wake of the collapse of the Terra ecosystem.

After early reports of a possible congressional hearing and an investigation from 'Grim Reapers' financial crimes unit, the crypto firm has now come under the radar of the national tax agency.According to a report published in Naver news, South Korea’s national tax agency has slapped the Terraform Labs and its co-founder with a 100 billion won ($78 million) penalty for tax evasion charges.The report highlighted that the Kwon was unhappy with crypto taxation in the country since last December and tried to liquidate Terra’s domestic operations just before the infamous LUNA crash set in.Terraform Labs reportedly first came under the radar of tax authorities in June last year on suspicion of evading corporate and income tax.

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