Montenegrin Authorities Extradite CFO of Terraform Labs to South Korea
The chief financial officer (CFO) of the now-defunct cryptocurrency firm Terraform Labs, Han Chang-joon, has been extradited to South Korea by Montenegrin authorities. Han Chang-joon, along with Terraform Lab CEO Do Kwon, was previously sentenced to four months in prison by a Montenegrin court for using fake passports. They were accused of multibillion-dollar fraud in the United States. The decision to extradite Han Chang-joon was made in response to a request from South Korea. The Montenegrin Ministry of Justice confirmed the extradition.
Detention and Charges Against Han Chang-joon and Do Kwon
Han Chang-joon and Do Kwon were detained at the airport on March 23, 2023, following requests from law enforcement agencies in Singapore, South Korea, and the United States. Prosecutors accused Han Chang-joon of falsifying official documents. Montenegrin authorities later filed charges against Do Kwon and his business partner on April 20, 2023.
Extradition Decision Rejected
Last December, the Supreme Court of Montenegro rejected the decision to extradite Terra founder Do Kwon to the United States or South Korea. This came after both countries requested his extradition to face criminal charges related to the collapse of Terraform Labs in May 2022.
Hot Take: Extradition of Terraform Labs’ CFO Highlights Global Cooperation Against Crypto Fraud
The extradition of Han Chang-joon, the CFO of Terraform Labs, from Montenegro to South Korea demonstrates international collaboration in combating cryptocurrency-related fraud. This case illustrates how authorities from different countries are working together to hold individuals accountable for fraudulent activities in the crypto space. By extraditing Han Chang-joon, South Korea can now proceed with their legal proceedings against him. This serves as a warning to others involved in crypto fraud that they cannot evade justice by crossing borders. The collaboration between law enforcement agencies in Singapore, South Korea, the United States, and Montenegro showcases the global effort to protect investors and maintain the integrity of the cryptocurrency industry.
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