Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Freemind on May 20, 2022, 07:34:17 PM
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It looks like trouble continues for the CEO of TERRA-UST. After making bad decisions that bankrupted the project (and thousands of investors), and the controversial decision to fork the TERRA network rather than buy back and burn supply, Do Kwon is now facing trouble for unpaid taxes in South Korea. The unpaid amount is $78,000,000 according to the country's Ministry of Finance.
You can read the news here: https://www.theblockcrypto.com/post/147606/south-korea-investigates-financial-crimes-crypto-terra-luna-kwon-crash
Do you think TERRA and Do Kwon will gain people's trust and investment again?.
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This would surely be the death knell for Terra. De Kwoon surely can't get out of this one. The end of Terra. Was nice knowing it. Good bye
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do kwon is currently experiencing many problems that make him feel depressed, it is seen that do kwon can't think clearly and has difficulty dealing with the problems that are happening to him, hopefully do kwon doesn't make the wrong decision and can still provide fresh air for LUNA holders.
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I hope that Do Kwon can pay the taxes demanded by the local government, but after the heavy losses that occurred recently, there is a lot of money to be spent by the company, paying an amount of UST at a rate of 1:1 and more. I hope Do Kwon can solve the problem and he can hear input from the community about burning coins so that old investors don't suffer big losses
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do kwon is currently experiencing many problems that make him feel depressed, it is seen that do kwon can't think clearly and has difficulty dealing with the problems that are happening to him, hopefully do kwon doesn't make the wrong decision and can still provide fresh air for LUNA holders.
The problem is that forking LUNA is not going to fix all the problems that already exist, that it is not going to make investors recover all their money or at least part of the lost funds. All projects are susceptible to failure, but it has been shown that an algorithmic stablecoin can be destroyed in a few days, even selling more than 100,000 Bitcoins to try to control the fall. Kwon's bad project planning and bad decisions is the first thing to be eliminated. I still think Do Kwon should stay away from LUNA.
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it's big problem do Kwon and his projects, if he unpaid the tax.
Very big amount to pay.
I think do Kwon should pay the tax because It will have affect for him and their project.
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I think he's going to jail because of misleading. The UST was advertised to be a low-risk investment, so people had confidence to put a lot of money on UST. His decision to fork the network also probably will cause more tax problem. Remember:
The IRS has taken a pretty hard stance on crypto forks. They’ve clarified that any new coins received as a result of a hard fork should be treated as income and subject to Income Tax. You can calculate the amount of income by identifying the fair market value (FMV) of the coin on the day you receive it. You’ll need to report this as “other income” on IRS Form 1040.
Source. (https://koinly.io/blog/what-is-crypto-fork-hard-soft-tax/)
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Do Kwon has hidden tax payment isue and I think he knows very well. I am convinced he does yield to advise. Many experience persons on the Blockchain and crypto space had given him an open arm to for a better solutions on the Tera Luna/UST saga but he is bent on his personal idea.
Now, Tax issue has surfaced, how can handle the whole challenges?. I think this may be the end of Luna/UST project but if he listen to good advice from notable people on the crypto space, the project will see a new life.
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Do Kwon has hidden tax payment isue and I think he knows very well. I am convinced he does yield to advise. Many experience persons on the Blockchain and crypto space had given him an open arm to for a better solutions on the Tera Luna/UST saga but he is bent on his personal idea.
Now, Tax issue has surfaced, how can handle the whole challenges?. I think this may be the end of Luna/UST project but if he listen to good advice from notable people on the crypto space, the project will see a new life.
I think this would be one of the first steps to save LUNA-UST, Do Kwon leaving the project as CEO. During these days I have read some things written by Do Kwon that are really embarrassing, showing arrogance word for word, maybe part of that arrogance is what has made things end so badly. Now instead of listening to some of the CEOs with known projects in the industry, Do Kwon continues to think that it is best to fork the network, when 99% of us know that it is a mistake. His arrogance is making him go the wrong way again, I just hope investors don't end up bankrupt again.
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Do Kwon has hidden tax payment isue and I think he knows very well. I am convinced he does yield to advise. Many experience persons on the Blockchain and crypto space had given him an open arm to for a better solutions on the Tera Luna/UST saga but he is bent on his personal idea.
Now, Tax issue has surfaced, how can handle the whole challenges?. I think this may be the end of Luna/UST project but if he listen to good advice from notable people on the crypto space, the project will see a new life.
I think this would be one of the first steps to save LUNA-UST, Do Kwon leaving the project as CEO. During these days I have read some things written by Do Kwon that are really embarrassing, showing arrogance word for word, maybe part of that arrogance is what has made things end so badly. Now instead of listening to some of the CEOs with known projects in the industry, Do Kwon continues to think that it is best to fork the network, when 99% of us know that it is a mistake. His arrogance is making him go the wrong way again, I just hope investors don't end up bankrupt again.
I agree...to give Luna the fresh air to breathe and better ideas on how to save it the man responsible most for the big mess it is in should allow new people to be taking over the platform...and this can also boost the confidence of its supporters. Otherwise, he should be aware that the ship has been sinking and is about to go to the bottom and it is nearing the point of beyond saving. I really don't understand how come we allow this guy to be destroying the whole cryptocurrency industry...he should go so that we can move forward and make things better.
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I agree...to give Luna the fresh air to breathe and better ideas on how to save it the man responsible most for the big mess it is in should allow new people to be taking over the platform...and this can also boost the confidence of its supporters. Otherwise, he should be aware that the ship has been sinking and is about to go to the bottom and it is nearing the point of beyond saving. I really don't understand how come we allow this guy to be destroying the whole cryptocurrency industry...he should go so that we can move forward and make things better.
I'm not sure if Do Kwon is capable of listening to someone other than himself. What I expect from Kwon is that he leave the project as soon as possible if he wants Luna to have a future that can be positive for the community and investors. But something tells me that Kwon is not going to step down as CEO after everything he's been through and even if he has to pay a fine to the South Korean Ministry of Finance. I hope that at least no one invests in his forked network, because we already know how it will end sooner or later if Kwon stays in charge.
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It looks like trouble continues for the CEO of TERRA-UST. After making bad decisions that bankrupted the project (and thousands of investors), and the controversial decision to fork the TERRA network rather than buy back and burn supply, Do Kwon is now facing trouble for unpaid taxes in South Korea. The unpaid amount is $78,000,000 according to the country's Ministry of Finance.
You can read the news here: https://www.theblockcrypto.com/post/147606/south-korea-investigates-financial-crimes-crypto-terra-luna-kwon-crash
Do you think TERRA and Do Kwon will gain people's trust and investment again?.
Well, according to what I had read here in your topic, Do kwon was facing tax evasion issue, if this is really true, this problem must solve immediately or else it will be difficult to get the trust of the community they've build to invest again to this coin.
Although, I am one of the holders of Luna as well.
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He is a scammer he should be in jail. What happens in luna is preplanned and I will not be surprised if they found out about his involvement in it. And many of my friends lose a lot of money in this luna crash and they have nothing right now. Crypto will remember to Do Kown name as one of the greatest scammers of all time.
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Well, according to what I had read here in your topic, Do kwon was facing tax evasion issue, if this is really true, this problem must solve immediately or else it will be difficult to get the trust of the community they've build to invest again to this coin.
Although, I am one of the holders of Luna as well.
The problem is that I don't think Do Kwon has the money to pay $78,000,000. According to the latest data, the foundation has about $20,000,000 in various assets, a very small amount compared to what is asked of Kwon, although supposedly, the foundation's funds could not be used to pay fines. The best thing for the industry and for Terra would be for Kwon to abandon any crypto project, he has already shown that he is not capable of doing things correctly and thinking of investors, he has harmed many people with his actions.
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Do you think TERRA and Do Kwon will gain people's trust and investment again?.
Many people have been disappointed with Do Kwon and TERRA, These people have lost a lot of money. I'm sure there will be no more people who believe in Do Kwon and TERRA, and there will be no more investors willing to invest here.
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Many people have been disappointed with Do Kwon and TERRA, These people have lost a lot of money. I'm sure there will be no more people who believe in Do Kwon and TERRA, and there will be no more investors willing to invest here.
I still think the same. There are many people (on Twitter for example) who are waiting for Do Kwon to fork the network to create Terra 2.0, and from what we see there are many people willing to invest again, I really don't understand anything. After all the people who have gone bankrupt and knowing that Do Kwon is unable to take the project on the right track, there are still people willing to invest... Do Kwon may be in more trouble than he is right now, but people don't seem to want to learn.