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It's time to uncover another one of Terra's dirty little secrets... A 'blockchain consultancy firm' they spun up in order to launder money and evade taxes. Let's have a look at company K. (1/8)
Here's a link to KBS's coverage on the matter: they're an authoritative news source in Korea and have done some invaluable on the ground investigations. https://news.kbs.co.kr/news/view.do?ncd=5474696 … A Terra dev confirmed that company K was being used as a shell company operated by Terra. (2/8)
Employees from company K had great overlap with employees from Terra and often shared the same spaces. Both were incorporated in 2018. Most in company K's employ were straight up Terra developers. Company K's CEO, Mo Kim, vehemently denied any major affiliations. (3/8)
Why is this interesting? Well, Korea's tax authorities reported that last year, Terra sent 6 billion won ($4.8m) to company K's CEO. This was reported on the books as 'other expenses'. Hypothetically, if the two were one and the same, this would indicate laundering. (4/8)
KBS didn't disclose who company K is... So let's find out. As many VCs will tell you, the surefire formula to a successful company is to name it a cool word and slap 'Labs' to the end. Tell me if this site looks familiar... https://kernellabs.co/ (5/8)
Hey, that looks just like the Terra sites! Because they're made by exactly the same people. Kernel Labs has received no online coverage in the West, and KBS omitted the name - a lesser-known Korean news site covered the link but went under the radar. https://ilyo.co.kr/?ac=article_view&entry_id=428833 … (6/8)
Now, TFL is trying to furiously scrub away their link to Kernel Labs. On May 18th, mentions of Anchor/Mirror from Kernel's site were removed. In the T2 proposal, Do hastily removed the mention, despite implying that they were partnered in the creation/maintenance of Terra. (7/8)pic.twitter.com/NfQX11qAZ8
If you remember the Chai thread, you'll know Terra is no stranger to routing money through shell businesses to evade taxes, regulations, and public scrutiny. We're learning more every hour thanks to some amazing Korean volunteers who verify and translate sources for me. (8/8)
PS. To any Koreans out there who are interested in some light reading, that last news site has a link to Terra's original patent (filed by Kernel Labs) written by Do Kwon and Nick Platias. I'll give it a read once the translation is complete and will share interesting findings.pic.twitter.com/GKep7rQqm0
Update: Korean tax officials have released a statement confirming my initial deduction that Kernel Labs is being used for laundering/evasion - they disclosed that they fined TFL for tax evasion last year due to suspicious transactions with Kernel Labs.
So are you giving those documents to someone who will punish him and bring ihm to jail? Just posting won’t do something, or?
It was reported by a news source in Korea. Pretty sure they can handle the legal part instead of a twitter guy in the US.
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