Former Terraform Labs CFO Han Chang-joon Extradited to South Korea by Montenegro

CoinDeskPolicyPublicado em 2024-02-04Última atualização em 2024-02-05

Resumo

Han Chang-joon was charged with carrying falsified travel documents alongside Terra co-founder Do Kwon last year.

Han Chang-joon, the former CFO of Terraform Labs, has been extradited to South Korea by Montenegrin authorities, an official notice from Monday shows.

Han was arrested with Terra co-founder Do Kwon in March 2023 while trying to travel with falsified documents. The two were sentenced to four months in prison by a Montenegro court a few months later.

9.2K

The two have remained in custody while the country determined where to extradite them. Both the U.S. and South Korea have asked for Kwon to be transferred to their respective jurisdictions to face criminal charges over the collapse of the multibillion-dollar crypto enterprise Terraform Labs in May 2022.

Han was "handed over" to South Korean authorities "for the purpose of conducting criminal proceedings for several criminal offenses related to fraud in financial investment services, investments and the capital market, for which a life sentence is threatened prison in South Korea," according to a Montenegrin police announcement.

Local counsel for Kwon told DL News Monday that a decision on his extradition is still pending. In January, Kwon appealed a decision by a local court to approve his extradition to either the U.S. or South Korea.

STORY CONTINUES BELOW

Recommended for you:

CoinDesk has reached out to Kwon and Han's counsel for further comment.

Edited by Sheldon Reback.

Leituras Relacionadas

Why Does No One Buy DeFi Insurance?

**Title: Why Isn't DeFi Insurance Being Bought?** DeFi insurance, which promised automated, unbiased payouts via smart contracts, has failed to gain traction. The core issue is economic: high premiums severely erode the yields that attract users to DeFi in the first place. For example, insuring a USDC deposit on Aave V3 could cost 1.5–2.5% of the annual yield, leaving a net return barely above a savings account. For riskier platforms like Maple Finance or Ethena, premiums can even turn net yields negative. Consequently, users often forgo insurance, as it nullifies their profit motive. The market also suffers from structural flaws. First, DeFi risks are highly correlated (e.g., an oracle failure can impact multiple protocols simultaneously), unlike the independent risks in traditional insurance. This makes large-scale events potentially catastrophic for insurers. Second, the total capital in DeFi insurance pools (e.g., Nexus Mutual's ~$81.5M) is minuscule compared to the hundreds of billions in total value locked (TVL), creating a massive capacity gap. A single major hack could drain the entire industry's reserves. Furthermore, the governance model where tokenholders vote on claims creates a conflict of interest, incentivizing them to deny payouts to protect their own funds. As a result, the sector is shrinking. While pioneers like Nexus Mutual are pivoting to preventative measures (bug bounties) and seeking external capital via reinsurance, the fundamental problems remain. DeFi insurance represents a public good—its stability benefits the entire ecosystem—but without a mechanism to share costs, a "tragedy of the commons" ensues where no one is willing to pay, leaving the system vulnerable.

marsbitHá 7m

marsbitHá 7m

SPCX Pre-Market Dips Below $150 IPO Price, But Don't Rush to Buy Yet

SpaceX's share price (SPCX) has fallen sharply, briefly dropping below its $150 IPO price in pre-market trading. The decline follows a catastrophic explosion during a Starship static fire test and was exacerbated by the company's announcement of a planned $20 billion bond issuance. This move, coming soon after its IPO raised $85.7 billion, raised concerns about SpaceX's cash burn rate and AI infrastructure spending surpassing expectations. The sell-off is also tied to a broader global pullback in AI-related stocks, with investors questioning the return on massive capital expenditures. Analysts note the initial IPO surge was largely driven by retail investor frenzy, which has now waned as sentiment turns cautious. With only about 5% of shares currently floating, the market is bracing for significant potential selling pressure when employee lock-up periods expire later this year. While some, like Cathie Wood's ARK Invest, remain long-term bullish on SpaceX's core ventures, other research firms argue the current stock price is driven by narrative rather than fundamentals and that future growth is already priced in. The next potential catalyst is the stock's possible inclusion in the Nasdaq 100 index in July.

Odaily星球日报Há 8m

SPCX Pre-Market Dips Below $150 IPO Price, But Don't Rush to Buy Yet

Odaily星球日报Há 8m

BitMart Research Institute Weekly Insights: Fed Hawkish Expectations Heat Up, Crypto Market Continues to Face Pressure, RWA Sector Defies Trend and Breaks Out

**BitMart Research Weekly: Fed Hawkishness Weighs on Crypto, RWA Sector Shows Strength** In traditional markets, US equities were mixed as weakening macro data signaled slowing growth. The Federal Reserve held rates at 3.75%, with half of its officials projecting at least one rate hike this year, adopting a more hawkish stance. The crypto market faced sustained pressure. BTC fell 3.7%, underperforming ETH, which dropped 1.2%. Overall market sentiment remained in "Extreme Fear." US spot Bitcoin ETFs saw net outflows of approximately $226.8 million for the week, indicating a lack of sustained institutional buying. Despite the bearish backdrop, the Real World Assets (RWA) narrative gained traction. XLM surged 12.2%, driven by Stellar's RWA tokenization roadmap. Stablecoin market capitalization stabilized near $315.3B, showing structural shifts towards compliant and institutional cash management tools like USDG and BUIDL. A notable stress point emerged as Strategy's STRC traded below its $100 face value for a fifth consecutive week, pressuring its dividend model and raising questions about its Bitcoin treasury management strategy.

marsbitHá 11m

BitMart Research Institute Weekly Insights: Fed Hawkish Expectations Heat Up, Crypto Market Continues to Face Pressure, RWA Sector Defies Trend and Breaks Out

marsbitHá 11m

Can the US Maintain Its Credibility? Ray Dalio's Vision of a 'Tribute-Style' New Order

Bridgewater founder Ray Dalio links declining U.S. credibility and rising Chinese influence to a modern "tribute system" – a hierarchical order based on power differentials, economic interests, and diplomatic pressure rather than direct control. This shift, he argues, makes U.S. commitments appear negotiable, prompting Asian nations to reassess security and economic alignments. A key market vulnerability is the advanced semiconductor supply chain concentrated in East Asia, which produces the majority of the world's most advanced chips. Dalio suggests that even without direct conflict, uncertainties over commitments, shipping, or supply chain reshoring can trigger asset price volatility in tech stocks, Asian markets, and RMB-denominated assets. While not predicting immediate extreme events, he warns that policy swings, miscalculations, and non-military pressure could reshape regional order, with market reactions preceding any outright confrontation.

marsbitHá 13m

Can the US Maintain Its Credibility? Ray Dalio's Vision of a 'Tribute-Style' New Order

marsbitHá 13m

The Most Successful CTO in Web3, The Community's Self-Rescue of Pudgy

"Web3's Most Successful CTO: The Community Rescue of Pudgy Penguins" Pudgy Penguins, once a flagship NFT project in 2021, faced near-collapse by 2022 with its floor price plummeting to ~0.5 ETH, a disgruntled community voting out its founders, and depleted funds. Its revival, termed a "Community Takeover," began when @LucaNetz acquired the IP for 750 ETH. The turnaround strategy shifted focus from speculative NFT prices to building a genuine consumer brand. In 2023, "Pudgy Toys" launched in major retailers like Walmart, featuring QR codes that bridge physical buyers to the digital "Pudgy World." NFT holders earn IP royalties from these toys. By 2026, Pudgy evolved far beyond a typical NFT project: partnerships with the NHL and Manchester City, the launch of a Visa-integrated "Pengu Card" payment product, a free web game, and a popular trading card game. The $PENGU token airdrop in 2024 further expanded the community. The core lesson was moving beyond selling JPEGs to answer a critical question: can this penguin become a beloved, usable brand? With a 2026 revenue target of $120 million and IPO ambitions, Pudgy's story is one of community-led resilience and successful Web3 brand-building.

marsbitHá 16m

The Most Successful CTO in Web3, The Community's Self-Rescue of Pudgy

marsbitHá 16m

Trading

Spot

Futuros