Additionally, a report from the South Korean Supreme Court registry found that Kwon Dohyung shut down Terra’s headquarters in Busan and Seoul just days before the LUNA ecosystem entered a downward spiral that caused cryptocurrency prices to plummet.
Kwon Doheng said on social media: “I have been in Singapore since December last year – it was my personal decision and it was planned. In multiple interviews and podcasts, I have been open to Singapore. .”
He added: “It takes time to close a company, and the timing is purely coincidental.”
Kwon responded to some of the allegations, saying Terra’s parent company, Terraform Labs, “has always been registered in Singapore” and that the timing of the closure of the South Korean subsidiary was a coincidence.
He also stated that “there is zero cryptocurrency tax in South Korea and the cost of living is low,” so tax issues were not the main reason for his decision to leave South Korea. “
“We don’t owe taxes in Korea,” he said. The National Tax Service conducted tax investigations on all large crypto companies operating in Korea and applied Korean tax laws to foreign parent companies, and as a result all companies paid taxes — we all paid.”