According to local media reports, Kwon Do hyung, the founder of stable currency terrausd and Luna, has been ordered to pay 100 billion won (about US $78 million) by the National Tax Office of South Korea According to the report, the South Korean tax authorities found that Terra's parent companies - Ancore company and terraform Labs - were guilty of evading corporate tax and income tax
The authorities found that terraform labs sent Luna from its entity established in Singapore to Luna financial guard (LFG) and determined that the transfer was for tax avoidance.
Although LFG and terraform labs were established in Singapore, the Korean tax authorities determined that they should pay domestic taxes on the ground of "actual place of operation".
It is reported that Quan Daoheng holds 92% of the shares of Terra Singapore, and the remaining 8% belongs to shin Hyun Seong, another Korean.
The report also claimed that bitcoin purchased and sold by LFG may be subject to additional taxes.