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- Terraform Labs CFO Han Chang-joon was extradited to South Korea.
- Co-founder Do Kwon’s extradition standing stays unsure.
- Terra’s $60 billion collapse led to authorized troubles and worldwide consideration.
Terraform Labs’ monetary officer Han Chang-joon has been extradited to South Korea after being arrested in Montenegro. Han, together with the co-founder of the corporate, Do Kwon, was detained in South Korea after an unsuccessful escape try on a personal jet in March 2023, thus ending a global six-month search.
In keeping with official police experiences, the Montenegrin Ministry of Justice determined to extradite Han. Along with this, South Korean authorities plan to prosecute, launching prison proceedings over a number of counts of economic fraud that would result in life imprisonment in South Korea.
Following Han’s extradition, Do Kwon’s extradition enchantment consequence stays undisclosed. Kwon has been requested to be extradited to each the U.S. and South Korea on expenses associated to the $60 billion collapse of the algorithmic stablecoin Terra in 2022.
The Terra saga began in 2018 when Do Kwon and Daniel Shin established Terraform Labs. Nevertheless, this turned awry in Could 2022 when Terra de-pegged from the greenback after which crashed. It resulted in quite a few issues in industries just like the collapse of the Three Arrows and FTX.
In September 2022, a courtroom in Korea issued an arrest warrant for Kwon and 5 different people accused of violating Korean capital markets legislation. Quickly after, an Interpol crimson discover for Kwon’s arrest was issued.
June introduced one other vital improvement, as a Montenegrin courtroom discovered Kwon responsible of utilizing solid passports. Regardless of his enchantment, the decision remained upheld, concluding in November. The extradition of Han Chang-joon marks the newest improvement within the Terra saga that has captivated the cryptocurrency world since its inception.
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