Terraform Labs CFO Extradited from Montenegro to Face Investigation in South Korea

SEOUL — Han Chang-joon, a significant figure associated with Terraform Labs co-founder Do Kwon, was extradited from Montenegro and is set to arrive in South Korea on Tuesday afternoon, according to the justice ministry. Han, the 37-year-old chief financial officer of Terraform Labs, will be brought directly to the Seoul Southern District Prosecutors Office upon his arrival at Incheon International Airport. He faces investigation over the dramatic collapse of the cryptocurrency firm, which erased close to 50 trillion won (US$37.5 billion) in market value.

According to Yonhap News Agency, Montenegrin authorities have officially handed Han over to South Korean officials, following his arrest last year alongside Do Kwon at Podgorica Airport for attempting to flee to Dubai using forged passports. The extradition effort for Do Kwon, who remains detained in Montenegro, is ongoing, with a decision expected by February 15, the date his detention is scheduled to end. The ministry expressed gratitude towards Montenegro for their cooperation in extraditing Han Chang-joon and reiterated its commitment to securing the extradition of Do Kwon, the primary suspect in the Terraform Labs investigation. TerraUSD, the stablecoin at the heart of the controversy, disastrously devalued in May, dropping as low as 10 cents and deviating from its intended 1-to-1 peg with the U.S. dollar.

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