Montenegro extradites Do Kwon associate to South Korea

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Montenegro authorities have extradited Han Chang-joon, the former chief financial officer of the now-defunct cryptocurrency firm Terraform Labs, to South Korea.

Catch up: Han was arrested alongside Terraform Labs founder Do Kwon, whose real name is Kwon Do-hyung, at the Podgorica Airport in Montenegro on March 23, 2023, for carrying forged passports while attempting to travel to Dubai. In June, they were sentenced to four months in prison, which was later extended by two months.

Kwon went on the run after Terraform Labs’ cryptocurrencies — Luna and its stablecoin TerraUSD (UST) — crashed and lost nearly 50 trillion won ($37.5 billion) in market value in May 2022. South Korea subsequently issued a warrant for his arrest, while the Interpol issued a red notice.

What’s next for Han: Han arrived at the Incheon International Airport on Tuesday afternoon, a day after the Montenegrin justice ministry announced his extradition. From there, he is expected to be taken to the Seoul Southern District Prosecutors Office to be investigated for his involvement in the cryptocurrencies’ crash.

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What’s next for Kwon: Do Kwon’s extradition, on the other hand, will be decided before Feb. 15. Where he will be extradited will be decided by Montenegrin Justice Minister Andrej Milovic.

Aside from South Korea — where he faces charges related to fraud and capital market law breaches — Kwon is wanted in the U.S. Last year, the Securities and Exchange Commission accused him of “orchestrating a multi-billion-dollar crypto asset securities fraud.”

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