Terraform Labs CEO Do Kwon claimed the closure of two offices in South Korea was purely coincidental

Terraform Labs CEO, and co-founder Do Kwon announced that the closure of two offices in South Korea was “purely coincidental” and was not a response to an investigation by the national tax agency.

Terra S.Korean office closure purely coincidental: Do Kwon

Terraform Labs closed its two offices in Busan and Seoul following the decision of the general meeting of shareholders on April 30, a few days before the collapse of TerraUSD (UST) and LUNA, which sparked speculations for the future saw that Kwon foresaw the fall.

In a Twitter response, Kwon said he is currently in Singapore and said the move was a personal decision planned long before the actual closure. Kwon added that the company has paid taxes in full and has no liabilities in South Korea.

South Korea’s National Tax Service collected about $39 million after a special investigation into Terraform Labs last year, which Kwon said was an industry-wide audit. The Terra CEO also claimed the South Korean government has been charging crypto businesses “millions” to offset coronavirus-related spending.

The Seoul Southern District Prosecutors’ Office is reportedly looking into Kwon and potential tax evasion charges related to the lawsuit filed by LUNA investors against Kwon.

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