Former Terraform Labs Chief Financial Officer (CFO) Han Chang Joon, previously associated with Do Kwon, has been extradited to South Korea after his prison term in Montenegro. According to an official statement from the country’s police, the decision to extradite Chang Joon was made by Montenegro’s Ministry of Justice.
Han Chang Joon to Face Criminal Proceedings for Offenses Committed
This development marks a significant chapter in a saga that captured international attention due to its implications on financial regulations and cross-border legal proceedings. The Terraform Labs CFO’s extradition underscores the growing importance of international cooperation in combating financial crimes.
Moreover, the collaboration between Montenegro and South Korea highlights the necessity for nations to work together to ensure accountability and justice in cases involving transnational financial misconduct. By extraditing Han Chang Joon, Montenegro demonstrates its commitment to upholding the rule of law and facilitating legal processes even when individuals involved are foreign nationals.
Meanwhile, the implications of Han Chang-joon’s extradition extend beyond immediate legal proceedings. They highlight broader issues related to corporate ethics, regulatory oversight, and the responsibilities of financial professionals.
Historic Arrest of Terraform CFO and Do Kwon
In particular, Do Kwon was stopped at the airport in Podgorica while attempting to board a flight to Dubai with his business partner, Hon Chang Joon.
The Montenegro Interior Ministry later tweeted that Kwon had used counterfeit Costa Rican travel documents. Both individuals were arrested by local authorities while attempting to leave Montenegro on a private plane to Dubai.
The US authorities in New York charged the cryptocurrency entrepreneur with fraud after his arrest in Montenegro. However, Do Kwon claimed he was unaware that the passport he was traveling with was reportedly fake and instead blamed a Chinese agency.
Also, a lawsuit against Kwon was filed in Singapore in October 2023 by more than 350 investors who cumulatively lost more than $57 million as a result of Terraform Labs’ TerraUSD collapse.
Do Kwon Extradition Appeal Canceled
Recall that the move to extradite Terraform Labs co-founder to either the United States or South Korea to face criminal charges has been put on hold, as a Montenegro Appellate court has suspended an earlier ruling approving his extradition.
Consequently, the case will return to the Podgorica Basic Court for retrial. The court mentioned that the decision to extradite Do Kwon solely rests on the nation’s Minister of Justice. In addition, the court has the right to only prescribe the requirements for his extradition.