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Former Terraform Labs CFO Extradited to South Korea in Connection with Cryptocurrency Fraud Case

Han Chang-joon, the former Chief Financial Officer (CFO) of the now-defunct cryptocurrency firm Terraform Labs, has been extradited to South Korea by Montenegrin authorities. The extradition follows accusations against Chang-joon and Terraform Labs CEO Do Kwon in the United States related to multibillion-dollar fraud.

Last year, both Chang-joon and Kwon were sentenced by a Montenegrin court to four months in prison for using fake passports. The extradition of Han Chang-joon was carried out based on the request of South Korea and in compliance with the Montenegrin Ministry of Justice’s decision.

In March 2023, Han Chang-joon and Do Kwon were detained at the airport in Montenegro at the behest of law enforcement agencies in Singapore, South Korea, and the United States. The charges against the former Terraform Labs executives included falsifying official documents. The extradition comes after the Montenegrin authorities filed charges against Kwon and Chang-joon in April 2023.

It’s noteworthy that in December 2023, the Supreme Court of Montenegro approved the extradition of Terraform Labs founder Do Kwon to the United States or South Korea. However, this decision was later rejected by the country’s Court of Appeal, following extradition requests from both countries. The charges against Kwon were linked to the collapse of Terraform Labs in May 2022.

The extradition of Han Chang-joon is a significant development in the ongoing legal proceedings against the executives of Terraform Labs, shedding light on the international cooperation involved in addressing cryptocurrency-related fraud cases.

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