Former CFO of Terraform Labs formally arrested and charged by South Korean prosecutors

On February 21, Han Chang-jun, the former Chief Financial Officer of Terraform Labs, was officially arrested and charged by the South Korean prosecutors. The charges include specific economic crimes with aggravated penalties such as fraud, violations of capital market laws (fraudulent unfair trading), and violations of electronic financial transaction laws. The prosecution pointed out that Han, without authorization, created a false impression of normal operation for the Terra project and sold and traded Luna coins illegally to make profits of at least 53.6 billion Korean won. Together with other accomplices, their illegal gains amounted to a total of 462.9 billion Korean won. Han is also accused of illegally recording approximately one billion pieces of user electronic payment information on the Terra blockchain without permission and manipulating the market prices and trading volumes of Terra and Luna coins using "bot" programs. Additionally, he is suspected of presenting the currencies issued by Terra as fixed prices but actually operating in the market within a specific price range through large-scale transactions, violating regulations on public offering and sales in capital markets. The prosecution stated that they will make every effort to ensure that another key figure involved in this case, Do Kwon - former CEO of Terraform Labs - can be promptly extradited back to Korea for trial.