• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick

Terra Loses More Form: Do Kwon Faces Tax Evasion Charges; Law Firm Sues To Seize Properties

Anifowoshe Ibrahim
by Anifowoshe Ibrahim
3 years ago
·
Posted in LUNA
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The multibillion-dollar collapse of Terra Labs’ stablecoin and the LUNA token is still ringing across the cryptocurrency industry, and numerous questions for Terra’s South Korean founder, Kwon Do-hyung, have emerged from the debris of wasted investments and shattered blockchain ideals.

In the midst of the Terra disaster, Do Kwon, the company’s founder, is being investigated by the South Korean authorities for possible tax evasion. A law company has also decided to file a lawsuit against him in order to seize his assets.

Terra’s Founder $78 Million Tax Evasion Charges

Do Kwon, Terra’s founder was reportedly ordered by South Korea’s National Tax Service to pay 100 billion won (roughly $78 million) in taxes just days after Terraform Labs’ legal team jumped ship.

The CEO has been under fire since the network’s demise. He has, however, laid forth some plans in an attempt to resuscitate the Terra Chain.

The tax authorities in South Korea found Terra’s parent firms, The Ancore Company and Terraform Labs, guilty of dodging corporation and income tax, according to South Korean news outlet Naver.

Terraform Labs had sent LUNA from its Singapore-based firm to the Luna Financial Guard, according to the authorities’ findings (LFG).

The National Tax Service of South Korea decided that funds were moved to LFG in order to avoid paying taxes.

Despite the fact that LFG and Terraform Labs were founded in Singapore, South Korean tax officials determined that they must pay taxes in the country because of their “place of actual management.”

A South Korean senator had raised his voice earlier to summon Kwon to look into the Terra crash.

Related reading | Mike Novogratz Speaks: Terra’s UST Was “A Big Idea That Failed”

Terra LUNA, a cryptocurrency with a market valuation of more than $40 billion, crashed in less than a week. According to the article, Terra’s founder, Terraform Labs, and other executives were recently notified by the National Tax Service that they must pay a 100 billion won charge. However, in June 2021, the agency launched a special tax probe into Terra’s parent firm.

Terra

LUNA/USD crashed below $1 peg over last week. Source: TradingView

According to the research, CEO Kwon owns 92% of Terra Singapore. While Daniel Shin, the CEO of Chai Corporation, who previously denied any connection to Terra, owns about an 8% stake. Meanwhile, Chin is listed as a registered director of the company in the report.

Following an inquiry by the South Korean Tax Agency in October, Terra Virgin was fined 4.66 billion won (about $3.64 million) in income tax. A corporate tax of 44.47 billion won (about $34.7 million) was also imposed on the company. The tax authorities further stated that the Terra founded the Luna Foundation Guard (LFG) in order to avoid paying taxes.

Popular Law Firm Moves To Sue

One of South Korea’s biggest law firms, LKB & Partners, has also decided to sue Terraform Labs’ founder.

According to a report in the Munhwa Ilbo daily, LKB would launch a complaint against Kwon, a Korean national, on behalf of regular investors with the Seoul Metropolitan Police Agency. According to the article, several of LKB’s workers may join the action because they lost money in the UST collapse.

According to the report, in addition to submitting a police complaint, LKB has decided to file a provisional attachment order of Kwon’s properties in the Public Prosecutors’ Office of Seoul Southern District to take them.

LKB is reportedly considering suing Daniel Shin, another Terra co-founder, according to a second story from Korean news outlet Yonhap.

Related article | Terra – A ‘Pyramid Scheme’ – Threatens The Crypto Ecosystem, Billionaire Says

Featured Image by Getty images | Charts by TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Follow

Full Profile

Related Posts

LUNC

HKVAC Considers Inclusion Of Terra Luna Classic (LUNC) In Digital Asset Index

2 years ago
LUNC

Here’s Why LUNC’s Price Could Cross $0.00015 Soon

2 years ago
Terra Classic (LUNC)

Starting Off Strong: LUNC Burn Rate Is Already Up 6,940% In 2023

2 years ago
Terra Developers Launch Multiple Projects To Stay Relevant - Will It Work?

Terra Developers Launch Multiple Projects To Stay Relevant – Will It Work?

2 years ago
LUNC Binance

Crypto Exchange Binance Unveils New Fee Burn Mechanism For LUNC

2 years ago
Founder Of Terra Do Kwon Deems The Collapse As Big Betting

Founder Of Terra Do Kwon Deems The Collapse As Big Betting

3 years ago
Please login to join discussion

Premium Sponsors

Press Releases

  • AlloyX Merges with Solowin Holdings at $350 Million...

    1 hour ago
  • WinnerMining

    “Trump-Backed WLFI Booms — WinnerMining Cloud Mining...

    2 hours ago
  • Top 5 Most Profitable ASIC Miners in 2025: ROI Comparison

    17 hours ago
  • Bitget to Transfer 440 Million BGB to Morph Foundation...

    18 hours ago
  • From Institutional to Individual Investors: How XRP and...

    18 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.