Terraform Labs has appointed a new CEO while co-founder Do Kwon serves a prison sentence in Montenegro.
Former CFO and COO Chris Amani has been tapped to serve as the defunct crypto firm’s new CEO.
Amani took over Do Kwon’s role after he disappeared last year but stepped down following Kwon’s arrest in March 2023.
The new CEO has no plans to launch a new stablecoin and is interested in developing products with real utility.
Do Kwon’s Terraform Labs has tapped a former executive to serve as its new Chief Executive Officer. The crypto firm behind the crypto contagion of 2022 which wiped $40 billion from the crypto market, has appointed Chris Amani as its new CEO. Amani previously served as Terraform’s Chief Operating Officer and Chief Financial Officer.
Terraform Labs Has No Plans To Launch A New Stablecoin
According to a report by the Wall Street Journal, Terraform Labs promoted Chris Amani to the role of Chief Executive while co-founder and former CEO Do Kwon serves a four-month prison sentence in Montenegro. Amani stated in an interview that he had a vision to salvage the company, however, it would be a long-term commitment with considerable challenges along the way.
Chris Amani reportedly took over the role of CEO last year after Do Kwon disappeared following the crash of UST and LUNA. However, he stepped down from the role in March this year after Kwon was arrested in Montenegro. Terraform said in a statement to WSJ that on May 27, 2023, he also vacated the post of Company Director to focus on “personal legal affairs”.
We wish Do the best and we hope that he’s able to clear himself of all charges. But while he’s incarcerated and while he’s facing his own legal challenges, it just makes sense for us to continue on without him.”
CEO Chris Amani on Do Kwon
The new CEO clarified that Terraform Labs had no plans to launch a new stablecoin following the dramatic crash of its TerraUSD (UST) stablecoin in May last year. Chris Amani stated that his company would instead focus on different products that would deliver “real utility” for its users. Terraform currently has about 40 employees, 15 of whom were with the firm before last year’s crash.