Former Terraform CFO extradited to South Korea

A decision on former CEO Do Kwon’s extradition has yet to be made

February 5, 2024 10:48 am

T. Schneider/Shutterstock modified by Blockworks

Former Terraform Chief Financial Officer Han Chang-joon was extradited to South Korea from Montenegro.

The announcement was made by the Montenegrin government on Monday, according to a translated press release.

“Today, the state of Montenegro acted on the request of South Korea, and according to the decision of the Ministry of Justice, handed over Haan Chang Joon to the competent authorities of his home country,” the Ministry said on its X account.

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Han was arrested alongside former Terraform CEO Do Kwon in March of last year. The two were attempting to travel with forged documents, according to officials in Montenegro. Both Kwon and Han were sentenced to four months in prison.

The former executives were held in Montenegro as officials determined their fate. Both South Korea and the US have asked to extradite Kwon. He faces charges in both countries over the 2022 collapse of TerraUSD.

The depegging of the stablecoin wiped billions from the crypto markets and caused ripple effects that led to multiple bankruptcies.

Terraform Labs has since filed for bankruptcy as it faces a court battle with the Securities and Exchange Commission. Kwon is also named in the suit.

South Korea, according to the press release, plans to conduct “criminal proceedings for several criminal offenses related to fraud in financial investment services, investments and the capital market, for which a life sentence is threatened prison in South Korea.”

A decision on extradition has yet to be made for Kwon. Late last year, reports suggested that he’d be extradited to the US. However, both the US and South Korea reportedly asked Montenegro for more time before finalizing Kwon’s extradition.

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