Quan Daoheng, founder of terrausd and Luna, denied allegations over the weekend that he had failed to meet his tax obligations in South Korea and said it was "pure coincidence" to close his business in South Korea a few days before the decoupling of terrausd from the US dollar. Last week, it was reported that the parent companies of Quan Daoheng and Terra in South Korea were ordered to pay 100 billion won (about US $78 million) to the National Tax Office of South Korea.
In addition, a report from the registry of South Korea's Supreme Court found that Quan Daoheng closed Terra's headquarters in Busan and Seoul a few days before Luna ecosystem entered the downward spiral that led to the sharp decline in cryptocurrency prices.
"I've been in Singapore since last December - it's my personal decision and has been planned for a long time. I've been open to Singapore in many interviews and podcasts," Kwon said on social media
"Closing a company takes some time and the timing is purely coincidental," he added
Quan Yongji responded to some allegations, saying that Terra's parent company terrform labs "has always been registered in Singapore" and that the timing of closing the Korean subsidiary was just a coincidence.
He also said: "the cryptocurrency tax in South Korea is zero and the cost of living is low." therefore, the tax issue is not the main reason why he decided to leave South Korea. "
"We don't owe taxes in Korea. The IRS conducted tax investigations on all large encryption companies operating in Korea and Applied Korean tax laws to foreign parent companies. As a result, all companies paid taxes - we paid them all," he said