Han Chang-joon, the former Chief Financial Officer of Terraform Labs, implicated in the crash of the cryptocurrencies Terra and Luna, has been extradited from Montenegro to South Korea. Han was arrested in March last year in Montenegro alongside Terraform Labs CEO Do Kwon while attempting to use forged passports. Following his arrest, Montenegro police announced that Han would face criminal proceedings in South Korea for various fraud-related crimes in financial investment services, investments, and the capital market.
Han’s extradition to South Korea is expected to speed up the Seoul Southern District Prosecutors’ Office investigation into the Terra-Luna case. As Terraform Labs’ CFO, Han was responsible for managing accounting and finances, and he is suspected to have had crucial knowledge about the risks of a crash and allegations of market manipulation surrounding Terra and Luna coins.
Meanwhile, the extradition of CEO Do-hyung remains undecided, with both South Korea and the United States requesting his handover. The Montenegrin court is currently reviewing an appeal against the extradition decision for Kwon, with a final verdict anticipated this month. If extradited to the US, Kwon could face a sentence of over 100 years, highlighting the severe legal consequences awaiting him.
The Ministry of Justice and prosecutors have expressed their gratitude to Montenegrin authorities for their cooperation in extraditing Han Chang-joon and pledged to make every effort to ensure that Do-hyung, another major suspect in the Terra-Luna case, is also extradited to South Korea. This development follows the dramatic collapse of Terra and Luna cryptocurrencies in May 2022, which plummeted by 99.99% in just four days, causing global investors to suffer losses totaling 50 trillion won. The extradition marks a significant step towards a comprehensive investigation into the incident, which has had a profound impact on the global cryptocurrency market.
