According to a police announcement, Han Chang-joon, Terraform Labs’ ex-financial officer, has been deported to South Korea.
In March last year, Han and Do Kwon, the firm’s co-founder, were apprehended at the Podgorica airport as they attempted to flee on a private plane. This put an end to a global chase that lasted six months.
Former Terraform Labs Finance Executive Deported to South Korea
According to an official statement from the nation’s police, the Ministry of Justice decided to deport Han. The Montenegrin police acknowledged Han’s ‘handing over to South Korean authorities.
The former finance executive is set to face ‘criminal proceedings for numerous crimes associated with fraud in investments, capital market, and financial investment services.’ In South Korea, these offenses are punishable by life incarceration.
Do Kwon’s Deportation Delayed Following Appeal
Goran Rodic, Han’s and Kwon’s attorney, said they are still awaiting a verdict regarding Do Known after their appeal. South Korean and United States prosecutors have called for Kwon’s deportation due to the $60B fall of Terra, an algorithmic stablecoin, two years ago.
Han’s extradition happens after serving a four-month jail sentence in Montenegro. In this case, he had been found guilty of using fake documents to attempt traveling.
Despite a request for comment, Terraform Labs did not respond.
Last month, the firm filed for Chapter 11 insolvency in the United States.
The deportation is the most recent development in the Terra story, which started in 2018 when Kwon and Daniel Shin founded Terraform Labs. Four years later, the firm and TerraUSD, its algorithmic stablecoin, gained fame.
Reflection on Terra’s Sudden Implosion in May 2022
Everything collapsed in May 2022 after Terra depegged from the dollar and later collapsed. The implosion resulted in a domino effect of industry collapses, including the liquidation of FXT and Three Arrows Capital, a crypto fund.
In September 2022, an arrest warrant against Kwon and five others was issued by a South Korean court. In this case, they were accused of contravening Korean capital markets regulations. Afterwards, Interpol released a red notice for Kwon’s apprehension.
In January last year, a media organization’s investigative reporters began attempting to find Kwon. This happened following reports claiming he was in Serbia.
In March, it was reported that Han and Kwon were arrested in Montenegro, with accusations of attempting to utilize false Costa Rican passports to move to Dubai.
The two were charged by the Montenegrin authorities with traveling using fake passports and forgery. In June, a court sentenced Kwon for using counterfeit passports. Despite appealing the decision, a court dismissed the appeal.
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