Terraform Labs’ Former CFO Extradited to South Korea to Face Criminal Charges

<p>After months of deliberation, Montenegrin
authorities have extradited Han Chang-joon, Terraform Lab's Former Chief Financial Officer, to South Korea, according to a notice by the Government of Montenegro. This move occurred as the US and South Korea sought jurisdiction over Do Kwon's case following the collapse of Terraform Labs in May 2022.</p><p>Ongoing appeals</p><p>The extradition underscores the severity of the
charges, as Chang-joon faces criminal proceedings in South Korea for various financial
offenses. Meanwhile, Kwon's appeal regarding his extradition is pending a decision in Montenegro's Appeals Court, adding complexity to the legal matter.</p><p>Chang-joon and <a href="https://www.financemagnates.com/tag/do-kwon/" target="_blank" rel="follow">Kwon</a>, the Co-Founder and Former CEO of Terraforms Labs, were arrested in March 2023 while attempting to travel with falsified documents.
Subsequently, a court in Montenegro sentenced them to four months in prison,
sparking a contentious legal battle over their extradition.</p><p>The notice from the Montenegrin authorities, translated from
Serbian, stated: "This person was deprived of his liberty at Podgorica Airport in Montenegro on
March 23, 2023, according to an international warrant
issued by Interpol Seoul along with D.H.K. After serving a
four-month prison sentence in Montenegro for the committed criminal offense
of document forgery, he was extradited from Montenegro."</p><p>Terraform Labs' Legal Battles</p><p>Meanwhile, the legal saga surrounding Kwon recently took a dramatic turn when Montenegro's Appeals Court overturned a decision regarding his
extradition to the US or South Korea. The reversal resulted from<a href="https://www.financemagnates.com/cryptocurrency/do-kwons-extradition-put-on-hold-due-to-procedural-error/" target="_blank" rel="follow"> a procedural error</a>
wherein Kwon was denied the opportunity to present his defense against the
extradition requests. This setback marked a crucial moment in Kwon's legal
battle.</p><p>The judge overseeing the matter granted Kwon the
chance to present his stance regarding the requests for extradition. Such an
opportunity is mandated by the laws of Montenegro. Consequently, the case was
referred back to the Podgorica Basic Court for a retrial, prolonging the legal
uncertainty surrounding Kwon's fate.</p><p>Despite a <a href="https://www.financemagnates.com/cryptocurrency/news/montenegro-court-nods-to-extradition-do-kwons-future-hangs-in-the-balance/" target="_blank" rel="follow">previous decision
</a>by the Podgorica High Court approving Kwon's extradition, this latest
development casts doubt on the process and timeline of his potential
extradition. Besides that, Kwon and Terraform Labs are facing a <a href="https://www.financemagnates.com/cryptocurrency/do-kwon-and-terraform-labs-face-escalating-troubles-class-action-advances-in-singapore/" target="_blank" rel="follow">class action lawsuit</a>
involving more than 300 parties. This lawsuit was filed in Singapore in the aftermath of the
devaluation of the UST token.</p>

This article was written by Jared Kirui at www.financemagnates.com.