Haan Chang Joon, former CFO of Terraform Labs, has been extradited to South Korea after being handed over by Montenegro to the authorities in his home country. His accomplice, Do Kwon, remains in limbo as to his fate, while the US and South Korea seek to try him on various fraud charges linked to the collapse of the Terra ecosystem.
Terra’s former CFO flies to South Korea
The Do Kwon soap opera seems to be making progress at last: his compatriot Haan Chang Joon, with whom he was arrested in Montenegro in March 2023, has been extradited to South Korea after being handed over to the authorities in his home country. Haan Chang Joon, as former CFO of Terraform Labs, faces life imprisonment in South Korea.
Država Crna Gora je danas postupila po zamolnici Južne Koreje, i po odluci Ministarstva pravde predala Haan Chang Joon-a nadležnim organima njegove matične države. pic.twitter.com/OvQ1qNyxr1
– Ministarstvo pravde Crne Gore (@PravdaCG) February 5, 2024
Today, the State of Montenegro has responded to South Korea’s request and, in accordance with the decision of the Ministry of Justice, has handed over Haan Chang Joon to the competent authorities in his home country. “
Haan Chang Joon spent 4 months behind bars for holding a false passport in Montenegro, as did Do Kwon. However, as far as the latter is concerned, no official decision has yet been taken, which means that there is still a possibility that he could be extradited to the USA, as the 2 countries wish to try him on various fraud charges.
Contacted by our Bloomberg colleagues, Montenegro’s Minister of Justice Andrej Milovic said that Do Kwon’s outcome was indeed still uncertain.
Do Kwon is being prosecuted for the implosion of the Terra ecosystem, built around the UST algorithmic stablecoin and the LUNA token, both of which went off course in May 2022. A case that wiped out $40 billion in record time, and left a lasting mark on the cryptocurrency ecosystem.
Last month, Do Kwon’s lawyer filed a motion with the Manhattan District Court to postpone his trial, scheduled for January 29, until mid-March. This request has apparently been accepted by the American justice system, and should lead to Do Kwon’s appearance in the United States next month, since this was the reason for the lawyer’s request.
