Montenegro authorities have extradited Han Chang-joon, the former chief financial officer of the now-defunct cryptocurrency firm Terraform Labs, to South Korea.
Han was arrested alongside Terraform Labs founder Do Kwon
, whose real name is Kwon Do-hyung, at the Podgorica Airport in Montenegro on March 23, 2023, for carrying forged passports while attempting to travel to Dubai. In June, they were sentenced
to four months in prison, which was later extended by two months.
Kwon went on the run after Terraform Labs’ cryptocurrencies
— Luna and its stablecoin TerraUSD (UST) — crashed and lost nearly 50 trillion won
($37.5 billion) in market value in May 2022. South Korea subsequently issued a warrant for his arrest, while the Interpol issued a red notice
What’s next for Han:
at the Incheon International Airport on Tuesday afternoon, a day after the Montenegrin justice ministry announced
his extradition. From there, he is expected
to be taken to the Seoul
Southern District Prosecutors Office to be investigated for his involvement in the cryptocurrencies’ crash.
What’s next for Kwon:
Do Kwon’s extradition, on the other hand, will be decided before Feb. 15. Where
he will be extradited will be decided by Montenegrin Justice Minister Andrej Milovic.
Aside from South Korea — where he faces charges related to fraud and capital market law breaches — Kwon is wanted in the U.S. Last year, the Securities and Exchange Commission accused him
of “orchestrating a multi-billion-dollar crypto asset securities fraud.”