- Terraform Labs' Chief Monetary Officer Han Chang-joon has been extradited to South Korea.
- The extradition standing of co-founder Do Kwon stays unclear.
- Terra's $60 billion chapter raised authorized points and attracted worldwide consideration.
Terraform Labs' monetary director Han Chang-joon was arrested in Montenegro and extradited to South Korea. Han, together with the corporate's co-founder Do Kwon, had been detained in South Korea in March 2023 after a failed escape try on a non-public jet, ending a six-month worldwide manhunt.
Based on an official police report, Montenegro's Ministry of Justice determined to extradite Mr. Khan. Along with this, South Korean authorities plan to provoke felony proceedings, indicting him on a number of counts of economic fraud, which may result in life imprisonment in South Korea.
After Han's extradition, the end result of Do Kwon's extradition attraction stays undisclosed. Kwon is being hunted for extradition to each the US and South Korea on prices associated to the $60 billion collapse of algorithmic stablecoin Terra in 2022.
Terra's story started in 2018 when Do Kwon and Daniel Shin based Terraform Labs. Nevertheless, issues took a flip for the more serious in Could 2022 when Terra depegged itself from the greenback and subsequently crashed. In consequence, many issues occurred within the business, such because the collapse of Three Arrows and FTX.
In September 2022, a South Korean courtroom issued arrest warrants for Kwon and 5 others on suspicion of violating the Korean Capital Markets Act. Shortly after, an Interpol purple discover was issued for Kwon's arrest.
In June, a courtroom in Montenegro convicted Kwon of utilizing a faux passport, marking one other essential improvement. Regardless of his attraction, the decision remained upheld and was concluded in November. The handover of Han Changjun marks the most recent improvement within the Terra saga, which has captivated the crypto world since its inception.
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