Former Terraform Labs CFO Is About To Face Big Trouble In Korea

Key Points:

• Former Terraform Labs CFO Han Chang-joon was extradited from Montenegro to South Korea after his arrest with co-founder Do Kwon.
• Montenegro complies with South Korea’s request, enabling criminal proceedings against Han for financial offenses, including fraud.

According to DLNews, Han Chang-joon, the former chief financial officer of Terraform Labs, has been extradited to South Korea from Montenegro, where he and co-founder Do Kwon were arrested last year. The Montenegrin police confirmed the extradition, marking the conclusion of a six-month international manhunt.

Former Terraform Labs CFO Handed Over to South Korea

Both Han and Kwon were apprehended at Podgorica airport in March 2023 while attempting to flee on a private jet. They faced charges, including the use of forged passports, and were sentenced to four months in prison by a Montenegrin court.

Montenegro honored the extradition request from South Korea, as revealed in a statement from the country’s Ministry of Justice. Former Terraform Labs CFO Han Chang-joon, whose initials were mentioned as J.C.H, was handed over to South Korean authorities for further legal proceedings related to multiple financial offenses, including fraud in financial investment services and the capital market, which could lead to life imprisonment in South Korea.

Do Kwon’s Extradition Appeal Amidst Terra Stablecoin Fallout

Kwon, the former CEO of Terraform Labs, faces a multibillion-dollar fraud charge in the U.S. and is currently awaiting a decision on his extradition. The collapse of TerraUSD in May 2022, attributed to Kwon’s mismanagement, had profound effects on cryptocurrency markets.

The former Terraform Labs CFO had already served a four-month prison sentence in Montenegro for attempting to travel with forged documents. The legal representative for both Han and Kwon, Goran Rodic, mentioned an ongoing appeal for Kwon’s extradition.

This extradition underscores the international collaboration in prosecuting financial crimes, especially in the cryptocurrency sector. The U.S. and South Korean prosecutors continue to pursue Kwon’s extradition, seeking justice for the $60 billion collapse of the algorithmic stablecoin Terra in 2022.