Terraform Labs Former Financial Officer Extradited to South Korea

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  • Montenegrin authorities have extradited Han Chang-joon, former financial officer of Terraform Labs, to South Korea
  • Han and Do Kwon were apprehended at Podgorica airport in March 2023 while attempting to flee on a private jet, concluding a six-month international manhunt.
  • Both Han and Kwon face multiple financial fraud charges, although Han is not sought by US authorities

The former financial officer of Terraform Labs, Han Chang-joon, has been extradited to South Korea by Montenegrin authorities following his arrest alongside Do Kwon in March 2023. Han and Kwon were apprehended while attempting to flee on a private jet from Podgorica airport, with their arrest marking the conclusion of a six-month international manhunt following the collapse of the Terra/LUNA ecosystem. Like Kwon, Han is wanted on multiple financial fraud charges, although, unlike Kwon, Han isn’t wanted by US authorities.

Han One of the Terra Five 

Han was one of five, including Kwon, pinpointed by South Korean authorities in September 2022 as wanted in connection with the collapse of Terra/LUNA. Prosecutors argued that Terra USD and Luna, the platform’s native cryptocurrencies, should be classified as “investment contract securities” under the Capital Market Act and therefore the five individuals were in contravention of the regulations surrounding the sale of those instruments.  

Han served a four-month prison sentence in Montenegro alongside Kwon for attempting to travel with forged documents; both countries wanted Kwon, but it seems that the US is going to get first crack at him, with the US Securities and Exchange Commission delaying the start of his trial until March so he can be present.

Life Sentence Possible

Montenegro’s Ministry of Justice made the decision to extradite Han without any interest from the US, citing multiple charges related to fraud in financial investment services, investments, and the capital market. These charges carry severe penalties, including potential life imprisonment.