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Just In: Do Kwon Debunks Claims That He Knew Terra Would Crash, Explains Firms’ Move To Singapore


For the better part of May so far, Do Kwon and his Terra platform have been one of the hottest topics of discussion in the crypto community. The founder of Terra has been at the receiving end of the wild outrage that ensued following the platform’s collapse a week ago. 

But despite Kwon’s best efforts to profer a solution that will salvage the situation, his proposals are still being met with a lot of criticism. 

Do Kwon States Reason For Shifting Base To Singapore 

One of the many accusations that are being leveled against Kwon is that he may have known of the Terra crash before it happened. In fact, lending more credence to that line of thought is the fact that Terra moved base to Singapore just a few days before the crash. 

However, Kwon may have finally cleared the air regarding those accusations. Moments ago, the CEO acknowledged the reports. However, he also maintained that he actually started residing in Singapore since late last year. Furthermore, he explained that the decision was a properly planned one. He said it had more to do with Korea’s zero crypto taxes as well as its affordable cost of living. 

Although Kwon admitted that the timing is in fact coincidental, he added that he has always mentioned the reasons behind his decision in many interviews and podcasts.

Subtly Evading Tax Maybe?

According to Do Kwon, Terra owes no tax in South Korea having paid all tax liabilities in full.  

Meanwhile, reports surfacing seem to suggest otherwise. According to the reports, Kwon is wanted by the South Korean tax agency. The reports claim that the founder evaded tax of nearly $78 million. But the Terra founder vehemently denies this, calling the reports ‘interesting gossip.’

Interestingly, Kwon seems to have stepped on more toes. Other reports out of South Korea claim that lawmakers are also summoning him. However, Kwon says he is more than willing to oblige any such inquiries. 

  • TAGS
  • Do Kwon
  • Terra
  • Terra Blockchain
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