Former TFL CFO Extradited to South Korea

The authorities in Montenegro have extradited former Chief Financial Officer of Terraform Labs (TFL), Han Chang-Joon, to South Korea. 

According to the statement, Joon was handed over “for proceedings related to several criminal offenses involving fraud in financial services, investments, and capital markets.”

The document specifies that such offenses in South Korea “carry a potential life sentence.” 

On March 23, 2023, Montenegrin police arrested Joon and former TFL CEO Do Kwon as they attempted to fly from Podgorica airport to Dubai using forged documents.

Kwon’s arrest was made at the request of law enforcement agencies in the United States, Singapore, and South Korea. Earlier, media reports citing the Seoul prosecutor’s office indicated that he was hiding in Serbia.

Both individuals have pleaded not guilty to document forgery. 

South Korean authorities urged Montenegro to extradite the TFL head to his homeland. The United States also seeks his extradition, where he faces fraud charges from the SEC and the Federal Prosecutor’s Office in New York.

In November, Montenegro’s High Court approved Kwon’s extradition, giving Justice Minister Andrej Milović the discretion to choose the country. 

Later, media reported that he was leaning towards extraditing him to the United States. However, in December, the appellate court overturned the decision to extradite Kwon to the U.S. or South Korea. 

In January 2024, TFL co-founder requested a U.S. court to postpone the SEC proceedings, as he wished to attend in person but was unable to do so due to the extradition delay. 

The court granted the defendant’s request and rescheduled the hearing for March 25.