Former Terraform Labs Chief Financial Officer (CFO) Han Chang Joon was recently extradited to South Korea. The ousted crypto company’s chief financial officer, along with founder Do Kwon, has been charged with traveling with fake documents.
Stopover for crypto criminals in Montenegro
Terraform Labs was founded in 2018 and specializes in the development of the Terra blockchain. This blockchain is designed for Web3 services and products. The extradition decision was made by the Ministry of Justice of Montenegro, where Han Chang Joon was staying after his escape. The Balkan country decided on the extradition at the request of the country of origin, South Korea.
The Singapore-based company collapsed and filed for bankruptcy in 2022. Do Kwon and Chang Joon of Terraform Labs have been charged with fraud by the US Securities and Exchange Commission (SEC). They previously tried to flee the USA to their home country.
This plan failed for the criminals and the journey ended in Montenegro. They have been held there since March last year. Until now:
“The country of Montenegro acted today at the request of South Korea and, upon the decision of the Ministry of Justice, transferred Han Chang-joon to the relevant authorities of his home country,” the Ministry of Justice said in a statement. X contribution (formerly Twitter).
The Terraform Labs financier ended up spending more than four months in prison in Montenegro.
Ex-CEO can stay for a while
Do Kwon’s company was responsible for the cryptocurrencies TerraUSD and Luna, among others. The value of the LUNA coin fell from almost $120 to zero in May 2022. The entire crypto sector fell into Terraform Labs’ downward spiral.
Although the finance chief has already been extradited to South Korea, Do Kwon still lives in Montenegro. The South Korean’s legal team has requested a postponement of the SEC trial in the USA. The trial was originally scheduled to begin on June 29th, but has now been postponed to the end of March.
In December, the previous delivery to South Korea and the USA was canceled. The financial regulator is suing the former CEO over the $40 billion loss from the collapse of TerraUSD and Luna. Both the USA and South Korea are demanding Kwon’s transfer.
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