Investment firm Hashed is suspected of tax evasion and collecting money from investors without permission from local authorities.
Tax Service of South Korea (STC)
leads investigation into the activities of Hashed, one of the leading cryptocurrency investment companies in South Korea. The investigation is being conducted by the 4th Investigation Bureau of the Seoul Regional Tax Administration, which deals with cases of tax evasion and fraud.
A spokesman for the regional tax office said they could not provide a reason for the investigation. But he noted that “it is not uncommon for the CEO of a company to investigate the activities of small businesses related to fundraising without prior notice or to evade taxes by the CEO of a company.”
An investigation into the activities of cryptocurrency company Hashed began in November and is expected to end no later than the end of February 2022, just days before the South Korean presidential election on March 9, 2022. By this time, the authorities plan to introduce an income tax on cryptocurrencies.
Hashed is one of South Korea’s leading cryptocurrency investment companies. It was founded in 2017 by Simon Seojoon Kim. This is an “incubator” for cryptocurrency companies. Hashed’s investment portfolio includes over 80 companies including Klaytn and Cosmos, DeFi protocols such as MakerDAO and Synthetix, and NFT brands including The Sandbox and Axie Infinity.
Hashed launched a $ 120 million venture fund in 2018. On December 1, 2019, the company launched a second $ 200 million venture fund. In September 2021, the company announced that it will launch a new fund with a funding volume of $ 170 million, which will invest in companies from the blockchain industry and is aimed at the development of Web3. In December 2021, Hashed, which invests in blockchain startups, launched a regulated fund to invest in the decentralized finance (DeFi) industry.
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