Do Kwon Reveals Terra Office Closing Was Coincidental, Says Company Owes No Tax

Terra LUNA/USD founder Do Kwon has refuted allegations that he has unfulfilled tax obligations in Korea and has said that dissolving operations in the country was a planned business decision, not an attempt to evade taxes or responsibility following the Terra (CRYPTO: LUNA) collapse.

Terraform Labs CEO and cofounder Do Kwon claimed on Saturday that the closure of two offices in South Korea was “purely coincidental,” and not a response to the dramatic downfall of the TerraUSD (UST) stablecoin and its sister token LUNA.

Amidst ongoing speculation and scrutiny surrounding the collapse of the Terra ecosystem, Do Kwon is addressing concerns regarding Terraform Labs' operations in South Korea. A tweet May 21, Kwon spoke out about his Korean office closing, writing that the move was “purely coincidental,” adding “I’ve been in Singapore since last December.”

Kwon is adamant that Terraform Labs has no outstanding tax liabilities in Korea. This statement comes as members of the cryptocurrency community have theorized that Terra’s inventor, Do Kwon, may be to blame for the system’s demise, citing accusations that he shut down the company’s terraluna cryptonews terrausd dokwon offices to avoid accountability.

Despite the controversy and ongoing investigations, Kwon maintains that the office closures were unrelated to the LUNA/USD crash and denies any wrongdoing regarding tax obligations in Korea.