Terraform Labs, the firm behind the collapsed Terra ecosystem, has appointed Chris Amani as its new interim CEO to replace Do Kwon, who currently deals with legal proceedings and charges stemming from the collapse. Amani previously carried out the chief operating officer (COO) and chief financial officer (CFO) roles at Terraform Labs. The new executive was also the CEO of the business-software startup Humanity before joining Terraform Labs in December 2021. - Amani said the firm would develop applications providing real utility, and they would share more details of the firm's plans in the coming months.
- The interim CEO also stated that the company has about 40 employees, with 15 who were with Terraform Labs before the collapse.
- Kwon stepped down from the CEO position in March after his arrest to focus on personal legal affairs.
- The 31-year-old co-founder was arrested at the Podgorica Airport in Montenegro in March with Han Chang-Joon, the former CFO of Terraform Labs, while trying to fly to Dubai carrying falsified traveling documents.
- Both the U.S. and Kwon's native South Korea seek his extradition, though they do not have a direct extradition treaty with Montenegro.
- Kwon is still the majority shareholder of Terraform Labs, with 92% of the shares.
The multibillion-dollar Terra ecosystem collapsed last year after its native token Luna's price plummeted nearly to zero in May 2022 and lost all its value against the U.S. dollar (USD), triggering a prolonged crypto winter. - The collapse caused over $60B to be wiped off the crypto market.
- Do Kwon faces many lawsuits and investigations in several countries, including South Korea, the U.S., and Montenegro, with allegations such as tax fraud, deceiving investors, racket collecting, building a Ponzi scheme, and forgery.
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