In a significant development, Han Chang-joon, the former financial chief of the embattled cryptocurrency company Terraform Labs, has been extradited from Montenegro to South Korea to face charges.

Extradition from Montenegro

The Montenegrin Ministry of Justice has confirmed the extradition of Han Chang-joon, according to a report by Reuters. The ex-CFO, alongside Terraform Lab CEO Do Kwon, faces accusations of a multibillion-dollar fraud in the United States. Both were previously sentenced to a four-month prison term in Montenegro on charges of using counterfeit passports.

Detention and Charges

On March 23, 2023, Chang-joon and Do Kwon were detained at an airport at the behest of law enforcement from Singapore, South Korea, and the United States. Prosecutors have charged the Terraform Labs leaders with the falsification of official documents, leading to an extension of their detention.

Legal Proceedings and Extradition Attempts

In April 2023, Montenegrin authorities pressed charges against Kwon and his associate. However, the Supreme Court of Montenegro’s decision to extradite Terra founder Do Kwon to the United States or South Korea was overturned by the country’s Court of Appeal last December, following extradition requests by both countries. These legal maneuvers come in the wake of the Terraform Labs crypto project’s collapse in May 2022, which had severe repercussions for the cryptocurrency market.

Continued Legal Battles

The legal saga surrounding Terraform Labs continues to unfold as the company seeks a ‘do-or-die’ appeal through bankruptcy proceedings in an attempt to counter the SEC’s actions.

Stay tuned for more updates on this developing story at AI Crypto Pulse.