The Montenegro government has agreed to extradite Hang Chang-joon, the former CFO of Terraforms Labs and associate of Do Kwon, to South Korea for additional criminal proceedings related to investment fraud. Local authorities announced this decision in a post on X on Monday, February 5, 2024.
This move is the latest in the series of litigations related to the crash of the company which developed the Terra blockchain and popular stablecoin, TeraUSD. The crash resulted in a loss of about $40 billion in investments and impacted the worldwide cryptocurrency market with losses of about 400 billion.
Following the entity’s collapse, the hunt for Kwon and Chang-Joon, the former CEO and CFO, respectively, began. Both were in flight for months after escaping South Korea and then Singapore in anticipation of the firm’s collapse. However, they were caught in March last year while attempting to board a private jet headed for Dubai at the Podgorica airport.
The duo were arrested carrying false passports and were subsequently charged with partaking in illicit activities and detained in Montenegro.
A month after their arrest, the South Korean government found assets worth more than 414.5 billion won ($314.2 million) in their possessions, of which 91.4 billion won ($69 million) was directly associated with Kwon.
Kwon, whose legal name is Kwon Do-hyun, is currently facing criminal charges in the United States and South Korea for crimes associated with the collapse of both LUNA crypto and TerraUSD (UST) stablecoin. He is in extradition custody in Montenegro and has requested a trial adjournment because of delays in the extradition process.
In late November 2023, Montenegrin authorities indicated that Do Kwon would be deported to either the United States or South Korea while awaiting a decision from the nation’s Minister of Justice.
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