South Korean watchdog reportedly fines Terraform Labs $78M for tax evasion

2022.05.19 13:35

South Korean watchdog reportedly fines Terraform Labs $78M for tax evasion

Terraform Labs and co-founder Do Kwon continue to attract more legal trouble in the wake of the collapse of the Terra ecosystem. After early reports of a possible congressional hearing and an investigation from ‘Grim Reapers’ financial crimes unit, the crypto firm has now come under the radar of the national tax agency.

According to a report published in Naver news, South Korea’s national tax agency has slapped the Terraform Labs and its co-founder with a 100 billion won ($78 million) penalty for tax evasion charges.

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