Terraform Labs former CFO extradited to South Korea

Han Chang-joon, the former CFO of crypto firm Terraform Labs who worked alongside co-founder Do Kwon, has been extradited from Montenegro to South Korea following a decision from the Balkan country's Ministry of Justice.

“The state of Montenegro has today acted upon the request of South Korea, and by the decision of the Ministry of Justice, handed over Han Chang-joon to the competent authorities of his home country,” the country's Ministry of Justice posted on its official X account today.

Han Chang-joon extradition. Image: Montenegro’s Ministry of Justice.

Han Chang-joon and Do Kwon were arrested in March last year at a Montenegro airport for attempting to travel with forged documents. Han Chang-joon’s extradition follows the completion of a four-month prison sentence in Montenegro. 

Still awaiting decision on Do Kwon

Do Kwon remains in custody in Montenegro while the Ministry decides whether to send him to South Korea or the United States. Earlier this month, Do Kwon’s legal defense team asked a U.S. court to push back the Securities and Exchange Commission trial against him so he could make a personal appearance.

In December, the appeals court in Montenegro canceled the previously approved extradition of Do Kwon to South Korea and the U.S. The SEC charged Terraform Labs and the former CEO last February over the May 2022 collapse of two tokens the firm created — TerraUSD and Luna — which wiped out some $40 billion of investor wealth in a few days. South Korean prosecutors also accused Do Kwon and Terra affiliates of similar charges.