Former Terraform Labs CFO handed over for trial by South Korean prosecutors

The former chief financial officer of Terraform Labs, Han Chang-jun, has been transferred to trial by South Korean prosecutors after being detained for 21 days since his arrest on February 8. Prosecutors allege that Han Chang-jun illicitly profited at least 53.6 billion won by selling and trading LUNA under the guise of Terra's normal operations. He is also accused of violating securities regulations by selling LUNA without submitting a securities report, in violation of the Capital Markets Act. Additionally, he is accused of recording approximately 100 million pieces of electronic payment information from Chinese customers on the Terra blockchain without their consent, in violation of the Electronic Financial Transactions Act.

Terraform Labs

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