Hashed Faces Investigation by South Korea’s Tax Authority: What It Means for Crypto Investments

Overview of the Investigation

In a twist that has crypto enthusiasts clutching their virtual pearls, South Korean crypto investment firm Hashed is currently under scrutinity by the National Tax Service (NTS). Local media reported that the Seoul Regional Tax Office’s 4th Bureau of Investigation—often the Sherlock Holmes of tax evasion and slush fund probes—has taken a keen interest in the firm.

The Nature of the Inquiry

While details remain murkier than last night’s karaoke plans, an official from the tax office hinted that these investigations often target small businesses that make sudden, unexpected climbs on their financial charts. The pending investigation may tie back to slush funds or tax evasions potentially orchestrated by Hashed’s CEO.

Timeline of Events

The probe kicked off early last month and is eerily timed, aiming to wrap up just a few days before South Korea’s presidential elections on March 9, 2022. It seems that investigators may have an agenda that coincides, where the stakes are higher than your morning coffee.

Hashed at a Glance

Established in 2017 by the power trio of Simon Seokoon Kim, Ethan Kyuntae Kim, and Ryan Sungho Kim (yes, that’s three CEOs), Hashed has positioned itself as a heavyweight in South Korea’s tumultuous crypto arena. It recently unveiled its second venture fund to the tune of $200 million, aiming to ride the Web 3.0 wave with investments across a staggering portfolio.

Hashed’s Investment Portfolio and Implications

With investments in over 80 diverse companies, including crypto networks like Klaytn and Cosmos, and popular DeFi protocols, Hashed’s financial web is extensive. What remains to be seen is how this investigation will impact its ambitious agenda and whether the government will continue its oversight on crypto dealings. Adding to the intrigue, South Korean lawmakers recently passed a bill that delays crypto trading taxes for a year, finally giving traders a moment of relief—okay, perhaps just a moment before the next storm breaks.