Do Kwon fined $78M for tax evasion

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Do Kwon scam

South Korea’s national tax agency has fined the Terraform Labs and its co-founder Do Kwon a $78 million, or 100 billion won, the penalty for tax evasion charges.

The tax authorities revealed that Terraform Labs and its various subsidiaries were registered in the Virgin Islands as well as Singapore despite their actual place of management in South Korea itself.

It is said that the tax authorities were altered after Terraform Labs sent LUNA from Terra Singapore to LUNA Foundation Guard (LFG) to avoid taxations or make up for the losses of anchor protocol.

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