Following a six-month international manhunt following the collapse of Terra in March 2023, Han Chang-joon, former chief financial officer of Terraform Labs, was extradited from Montenegro to South Korea on February 5, 2024. This development indicates that it may reveal new information about the collapse of Terra. It is also of great importance as it increases the possibility of Do Kwon’s extradition. Montenegrin police announced that Han Chang-joon, the former chief financial officer of Terraform Labs, was extradited to South Korea. This is an important development as he is the first person from Do Kwon’s inner circle to be extradited following the Terra collapse. Here are the details…
Significant development in the Terra ecosystem
Han Chang-joon and Terraform Labs co-founder Do Kwon were caught last year. He was arrested at Podgorica airport in March 2023 while trying to escape on a private jet. Thus, the six-month international manhunt came to an end. The decision to extradite Han is made by the Montenegrin Ministry of Justice. Montenegrin police said Han was extradited to South Korea for “various crimes related to financial investment services, investments and fraud in the capital market.” It is stated that these charges are punishable by life imprisonment.
Goran Rodic, the lawyer representing Do Kwon and Han, said in a statement to DL News: “We are still waiting for the decision on Do Kwon after our appeal.” Both US and South Korean prosecutors had requested Kwon’s extradition in connection with the $60 billion collapse of algorithmic stablecoin Terra in 2022. Khan’s extradition came after he served a four-month prison sentence in Montenegro after being found guilty of trying to travel with false documents. Han’s return to Terraform Labs and Do Kwon has implications such as:
- Han’s extradition increases the likelihood that Kwon will also be extradited.
- Han’s interrogation in South Korea has the potential to reveal new information about Terra’s collapse.
- These developments play an important role in the lawsuits filed against Terraform Labs and Do Kwon.
Rise in LUNC price
Following Han’s return, the price of Terra Classic (LUNC) increased by 6.48% in the last 24 hours. This increase is thought to be due to the hope that Han’s return might reveal new information about the collapse of Terra. As a result, the extradition of Han Chang-joon to South Korea is an important development following the collapse of Terra. Han’s interrogation and the outcome of his trial are decisive for the future of Terraform Labs and Do Kwon. Time will tell what will happen in the future. However, in the meantime, it is worth underlining the possibility of the cryptocurrency market succumbing to volatility.
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