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The Tax Predicament of South Korea's Cryptocurrency King: The Story of Do Kwon's Billion-Won Tax Reclamation
Written by: TaxDAO
Do Kwon was once hailed as South Korea's 'King of Cryptocurrency.' However, with the collapse of UST and the ensuing legal charges, this name became associated with tax evasion and fraud. In May 2022, the South Korean National Tax Service issued a tax penalty of 100 billion Korean Won (approximately 78 million USD) to Do Kwon, the co-founder and CEO of Terraform Labs. As early as June 2021, Terraform Labs had already attracted the attention of South Korean tax authorities for suspected tax evasion. Since his arrest in Montenegro, Do Kwon has been waiting for a final extradition decision. FinTax will discuss this former cryptocurrency tycoon, the once-glorious Terraform Labs empire, and the substantial tax penalties that Do Kwon bears.
Do Kwon was once hailed as South Korea's 'King of Cryptocurrency.' However, with the collapse of UST and the ensuing legal charges, this name became associated with tax evasion and fraud. In May 2022, the South Korean National Tax Service issued a tax penalty of 100 billion Korean Won (approximately 78 million USD) to Do Kwon, the co-founder and CEO of Terraform Labs. As early as June 2021, Terraform Labs had already attracted the attention of South Korean tax authorities for suspected tax evasion. Since his arrest in Montenegro, Do Kwon has been waiting for a final extradition decision. FinTax will discuss this former cryptocurrency tycoon, the once-glorious Terraform Labs empire, and the substantial tax penalties that Do Kwon bears.
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