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An ex-financial executive of Terraform Labs is extradited by Montenegro to South Korea

The court ministry of Montenegro said on Monday that Han Chang-joon, a finance executive of the cryptocurrency company Terraform Labs, was extradited to South Korea.

A Montenegrin court sentenced Han and Do Kwon, the former CEO of Terraform Labs, to four months in prison last year for using counterfeit passports. Do Kwon is accused of committing a multibillion-dollar fraud in the United States.

“Today, the state of Montenegro acted on the request of South Korea, and according to the decision of the Ministry of Justice, handed over Han Chang Joon to the competent authorities of his home country,” a statement from the justice ministry stated.

A Montenegro police statement also mentioned the transfer and called Han by his initials, J.C.H.

Han’s identification was confirmed by a police official who wished to remain anonymous.

The message didn’t include any information regarding Kwon.

Kwon had consented to be extradited to South Korea under a shortened process, according to the High Court in the Montenegrin capital of Podgorica last year. However, the minister of justice would have the final say because several states had asked for his transfer.

Podgorica-based Kwon’s attorney was not immediately available for comment.

Kwon, a native of South Korea, served as the previous CEO of Terraform Labs, a startup founded in that country that created the stablecoin TerraUSD, which crashed in May 2022 and rocked the cryptocurrency markets.

When Han and Kwon attempted to board a flight to Dubai in March of last year, they were stopped at the airport in Podgorica.

Following Kwon’s arrest, an eight-count indictment against him for conspiracy, securities fraud, wire fraud, and commodities fraud was made public by the U.S. District Court in Manhattan.



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