South Korea’s National Tax Service ordered Kwon to pay 100 billion won.
Terra employees confirmed that $80 million was transferred.
Terra LUNA’s dramatic crash grabbed US Security Exchange Commission’s (SEC) attention and SEC reported that Terra LUNA founder Do Kwon was involved in money laundering activities. Terra employees reportedly confirmed that $80 million was transferred to unknown wallets.
The Terra LUNA melodrama never fails to surprise the crypto world. The US Security Exchange Commission identified TerraForm Labs’ founder and co-founder’s money laundering activities, Terra’s dramatic crash has led the agency to begin an investigation.
According to reports, $80 million of the company’s funds were sent to multiple wallets for operating expenses every month for several months before the LUNA initial collapse. SEC claims that Do Kwon allegedly violated the Securities Act by using blockchain services to easily obtain US equities through Terra.
South Korean Financial Commission Action Towards Do Kwon
Do Kwon was reportedly ordered by South Korea’s National Tax Service to pay 100 billion won (approximately $78 million) in taxes.
Also, the Financial Services Commission of South Korea stated that the Terra collapse harmed 2,80,000 investors. Some investors have also filed a lawsuit against Do Kwon and Shin Hyun-Seung, demanding user accounts, marketing materials, and UST-related interactions.
Do Kwon kept himself silent and he tweeted that soon they will respond to all the questions and queries related to Terra LUNA activities.
Kwon could face legal action in the United States if the claims are proven to be valid. “Do Kwon is innocent until proven guilty of all allegations in a court of law”, says the statement. Do Kwon had not received any official payments from the firm, according to one of the key internal informants.