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 headquarters and South Korean office only days before the ecosystem’s demise.
Do Kwon, on the other hand, has stated that the closure of Terra’s office in Korea was “purely coincidental” and had nothing to do with Terra’s accident. He also utilized the opportunity to announce that he is presently in Singapore.
According to him “I’ve been in Singapore since December of last year — this was a long-planned personal decision. I’ve been open about my location in Singapore in various interviews and podcasts. It takes time to close a company, and the timing is entirely coincidental.”
Hopefully, this reveals his whereabouts and if he was aware of Terra’s imminent collapse.
Terra does not pay any taxes to Korea.
In a separate tweet, Terraform Labs’ CEO denied that his firm owed taxes to the Korean government.
Do Kwon said that the National Tax Service of South Korea had audited the firm and that it, along with others, had paid all of its taxes.
He also said that this situation was not unique to Terra, however he did not name any other cryptocurrency firms that may have been affected.
According to many reports, Terraform Labs has been fined 100 billion won ($78 million) for failing to pay its taxes.
Terra and its CEO have been in the center of criticism since the capitulation of LUNA and UST. Investors in Korea have filed lawsuits against Do Kwon and his firm, and governments across the world are debating how to properly regulate the bitcoin sector.
Do Kwon, on the other hand, is determined to revitalize the Terra environment via a range of initiatives that are presently up for vote.
