- South Korean officials are reportedly planning to initiate criminal proceedings against Han.
- The U.S authorities were also eyeing extradition of the duo.
After spending time in jail in Montenegro, Han Chang-joon, the former chief financial officer of Terraform Labs, was extradited to South Korea.
Both Terraform Labs and its co-founder, Do Kwon, were detained in March for trying to leave using phony passports. This additional twist adds another degree of complication to the international legal narrative. The $60 billion Terra ecosystem collapsed, and Han faces the possibility of life in jail in South Korea.
Extradition to South Korea has been announced by DL News about Han Chang-joon, the ex-CFO of Terraform Labs. After a six-month worldwide search, Do Kwon and the other suspects were apprehended in March 2023 at the Podgorica airport during their attempt to flee on a private plane.
Ongoing Legal Battle
South Korean officials are reportedly planning to initiate criminal proceedings against Han for allegedly defrauding investors, financial investment services, and the capital market after the Montenegrin Ministry of Justice decided to extradite him.
A crucial turn occurs in the Terraform Labs narrative when Han serves a four-month jail term in Montenegro for trying to travel with fake papers. The extradition to South Korea of Han Chang-joon was imminent, after his four-month jail sentence in Montenegro.
Terraform Labs and co-founder Do Kwon are embroiled in a legal battle, with accusations perhaps stemming from the $60 billion Terra stablecoin crash in May 2022. The U.S authorities were also eyeing extradition of the duo but the recent update clears that Montenegro officials have decided to go ahead with South Korea instead of the U.S.
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