Montenegrin authorities have extradited Han Chang-joon, the former CFO of Terraform Labs, to South Korea, according to an official notice on Monday. Han was arrested in March 2023 along with Terra co-founder Do Kwon while attempting to travel with falsified documents. The duo had been sentenced to four months in prison by a Montenegro court a few months later.

Following their arrest, both the United States and South Korea had requested the transfer of Kwon to face criminal charges related to the collapse of the multibillion-dollar crypto enterprise, Terraform Labs, in May 2022. Han has now been handed over to South Korean authorities for further investigation and potential prosecution on various fraud-related charges in the financial investment services, investments, and capital market sectors. If convicted, Han could face a life sentence in South Korea.

Meanwhile, the decision regarding Kwon's extradition is yet to be made by Montenegro's appeals court. Goran Rodic, counsel for Kwon and Han in Montenegro, revealed that Kwon had appealed a previous court's decision to approve his extradition to either the United States or South Korea. The outcome of Kwon's request is still pending.

CoinDesk has reached out to the counsel representing Kwon and Han for any additional comments on the matter.

UPDATE (Feb. 5, 13:25 UTC): Comment from counsel for Kwon and Han is added.