(Bloomberg) -- Han Chang-joon, the associate of disgraced crypto mogul Do Kwon who was chief financial officer of Terraform Labs, was extradited to South Korea from Montenegro, where both men were arrested last year. 

“The state of Montenegro acted today upon request from South Korea and the Justice Ministry handed over Han Chang-joon to the relevant authorities of his native country,” Montenegro’s government said in a post on X which featured a photograph showing Han flanked by two masked policemen at the airport near Podgorica, the capital. 

Kwon remains in extradition custody and authorities have yet to decide whether to send him to South Korea or the US. Both countries are seeking his extradition on fraud charges. Goran Rodic, the lawyer representing both men, confirmed Han’s extradition in a text message. 

Montenegro Justice Minister Andrej Milovic said by phone on Monday that he hasn’t decided which country to extradite Kwon to. 

Kwon is the inventor of the ill-fated TerraUSD stablecoin which imploded in May 2022, an episode that wiped out at least $40 billion of investor assets and accelerated a crypto market downturn. 

Han was handed over to South Korean authorities after serving a four-month prison term, handed down by a Montenegrin court, for trying to leave the Balkan country together with Kwon with a forged passport. Because of the extradition proceedings, he ended up spending more than four months in prison. 

Read more:  Terra’s Do Kwon Says US Extradition Possible by Mid-March 

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