Do Kwon, CEO of Terraform Labs, said today on Twitter that contrary to reports, his company has no tax liabilities in South Korea.
Terraform Labs is the core development team working on the Terra blockchain whose native assets, LUNA and UST stablecoin, recently collapsed after a bank run that wiped out billions of dollars of value .
A recent media report suggested that authorities in Korea were investigating Kwon and Terraform Labs in more than $78 million in unpaid corporate taxes. When questioned on Twitter by FatMan, an anonymous Terra analyst and commentator, about the accuracy of the reports, Kwon responded.
“We have no outstanding tax liabilities in Korea,” he said, adding that the company had already paid its dues in full after it faced a tax audit.
“Happy to engage with any lawsuit or regulatory inquiry to the best of our ability - we have nothing to hide,” Kwon added.
Besides his comment on the company’s taxes status, Kwon said that his precise location has been Singapore since December 2021.