South Korea finds evidence due Do Kwon “money laundering”
Do Kwon “money laundering”
Currently, Terra’s CEO is in legal trouble after receiving mass charges of “money laundering” through Terraform Labs.
According to FatMan, Do Kwon did this thanks to establishing a blockchain consulting firm Kernel Labs. “The National Tax Service discovered last year that Kernel Labs had received a 6 billion Won cryptocurrency from Terra,” KBS, the South Korean news agency, reported.
In 2021, Terra’s CEO was fined 100 billion Won (about 80 million USD) for tax evasion, and it is also possible that this amount will increase because, in Korea, only the income made will be taxed.
Terra’s Legal Issues
With the growing number of charges between Terraform Labs and Do Kwon, the entire legal team of Terraform Labs resigned last week, respectively. According to recent allegations, Kernel Labs received 6 billion Won (approximately $4.8 million) from Terraform Labs.
Although not explicitly named by the KBS news agency, in the news referred to as “company K,” it proved that Do Kwon and Kernel Labs had a relationship.
Moreover, Do Kwon has modified the original LUNA revival plan to try to remove any links to Kernel Labs in a highly suspicious move.
Part of the revitalization proposal originally referred to “TFL/Kernel Labs” but was later revised by Do Kwon.
According to KBS, employees at a nearby office have revealed that Kernel Labs looks like the same company as Terra. KBS also said it tried to communicate directly with some members of Terraform Labs. Still, all refused to answer and insisted that only a handful of people, including CEO Do Kwon, knew the true nature of Terra and Luna.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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South Korea finds evidence due Do Kwon “money laundering”
Do Kwon “money laundering”
Currently, Terra’s CEO is in legal trouble after receiving mass charges of “money laundering” through Terraform Labs.
According to FatMan, Do Kwon did this thanks to establishing a blockchain consulting firm Kernel Labs. “The National Tax Service discovered last year that Kernel Labs had received a 6 billion Won cryptocurrency from Terra,” KBS, the South Korean news agency, reported.
In 2021, Terra’s CEO was fined 100 billion Won (about 80 million USD) for tax evasion, and it is also possible that this amount will increase because, in Korea, only the income made will be taxed.
Terra’s Legal Issues
With the growing number of charges between Terraform Labs and Do Kwon, the entire legal team of Terraform Labs resigned last week, respectively. According to recent allegations, Kernel Labs received 6 billion Won (approximately $4.8 million) from Terraform Labs.
Although not explicitly named by the KBS news agency, in the news referred to as “company K,” it proved that Do Kwon and Kernel Labs had a relationship.
Moreover, Do Kwon has modified the original LUNA revival plan to try to remove any links to Kernel Labs in a highly suspicious move.
Part of the revitalization proposal originally referred to “TFL/Kernel Labs” but was later revised by Do Kwon.
According to KBS, employees at a nearby office have revealed that Kernel Labs looks like the same company as Terra. KBS also said it tried to communicate directly with some members of Terraform Labs. Still, all refused to answer and insisted that only a handful of people, including CEO Do Kwon, knew the true nature of Terra and Luna.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
CoinCu News
KAI
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