The company behind the troubled TerraUSD and Luna cryptocurrencies, Terraform Labs, has announced Chris Amani as its new Chief Executive Officer (CEO). The appointment comes as co-founder Do Kwon faces a series of fraud charges and remains behind bars in Montenegro.
Terraform Labs has named an interim CEO to run the crypto company while co-founder Do Kwon faces fraud charges https://t.co/XVBwlBiauC
— WSJ Markets (@WSJmarkets) July 19, 2023
Chris Amani, an executive with experience leading global tech companies, will take over as interim CEO of Terraform Labs, according to the Wall Street Journal (WSJ). Amani, who has been with the organization since 2021, had previously served as the company’s Chief Operating Officer (COO) and Chief Financial Officer (CFO) before stepping up to replace Kwon.
His track record includes successful leadership roles at companies like Humanity, MongoDB, Electronic Arts, and Zynga.
Plans to Revive Terraform Labs
Despite the challenges, Chris Amani expressed optimism about Terra’s future. He revealed the company’s vision to rebuild Terra without algorithmic stablecoins like TerraUSD, which collapsed in May 2022, causing tens of billions of dollars in losses to investors.
According to him, the focus now is on developing applications that provide real utility to users within the broader Web3 ecosystem. While Amani acknowledges the difficulties ahead, he remains confident in Terraform Labs’ ability to revitalize the Terra project over time.
“We have a vision for how we could salvage this, even though I think it’s going to be hard and it’s going to take a long time,” he told the WSJ.
With Do Kwon currently facing legal troubles in the United States, Montenegro, South Korea, and even Singapore, Chris Amani believes it’s safer for the company to move forward without him. It’s worth mentioning that Kwon resigned from Terraform Labs after his arrest in Montenegro, but he retains a controlling share of 92% of the company’s stock, complicating the situation further.
With Chris Amani as the new CEO, Terraform Labs is charting a course to navigate through the aftermath of the TerraUSD and Luna collapses and the legal challenges faced by its co-founder and former chief. The company’s vision for Terra’s revival, without relying on algorithmic stablecoins, highlights its plans to deliver practical Web3 applications.
