South Korean prosecutors formally arrest and indict Terraform Labs’ former CFO

South Korean prosecutors have formally arrested and charged Han Chang-joon, the former chief financial officer of Terraform Labs. According to prosecutors, Han Chang-joon is accused of illegally profiting at least 53.6 billion won by selling and trading LUNA, and the illegal gains of other accomplices totaled 462.9 billion won. It is also accused of violating public offering regulations (in violation of the Capital Markets Act) by soliciting and selling securities, and also violated the Electronic Financial Transactions Act. Prosecutors said they will do their best to ensure that another key figure involved in the case, former CEO of Terraform Labs Do Kwon, can also be extradited back to the country to face trial. (Chosun Ilbo) Previously, on February 5, Montenegro police announced that Han Chang-joon, the former chief financial officer of Terraform Labs, had been extradited to South Korea. According to an official statement from the police, the extradition decision was made by the country’s Ministry of Justice. Montenegro police said Han Chang-joon had been "handed over" to South Korean authorities so that they could initiate criminal proceedings for several criminal offenses related to financial investment services, investments and capital market fraud, which in South Korea are punishable by life imprisonment. . "