Terraform Labs has appointed Chris Amani, the firm’s former CFO, and COO, as interim CEO while the former CEO is incarcerated in Montenegro on scam charges. The executive has been serving in the company since 2021 and has recently served as the firm’s CEO for 3 months.
It’s worth stating that Amani’s appointment follows Kwon’s decision to resign as the firm’s CEO and director while he focuses on tackling legal pressure. Regardless, Kwon holds a significant portion of the company’s shares.
Seasoned Executive Of Terraform Labs
According to a report from The Wall Street Journal, United States citizen Chris Amani emerged as Terraform’s new chief executive officer.
He has worked for Terra since 2021, serving as the company’s chief financial officer (CFO) and operating officer. Before that, Amani served as the chief executive officer (CEO) of a scheduling solution service provider, Humanity.
Under his administration, the firm strengthened its position in the staff-scheduling software industry. However, Amani’s LinkedIn profile reveals that he worked for Walmart.com as a financial analyst from 2004 to 2007.
He then transferred to Electronic Arts, where he served as an FP&A Manager from 2008 to 2011. Terraform Labs’ new boss informed journalists that the FinTech firm is not planning to deploy any stablecoins and will rather focus on its other products.
He added that the company’s vision for mitigating its current financial situation is in view, though it will be a painstaking process that will tarry for a long time.
Amani also said that he hoped that Kwon could go through with all the charges posed at him, while in the meantime, Terra would progress in its operations without him. Terra’s meltdown in 2022 led to collapses in the crypto market and affected other blockchains.
Its stablecoin, TerraUSD (UST), was depegged from the US dollar, which resulted in investigations into Do Kwon and Terra’s co-founder Daniel Shin’s alleged involvement in illegal transactions amid the collapse. It remains a mystery how the pending recovery scheme will build upon the Luna Classic.
Do Kwon’s Legal Troubles
Do Kwon was arrested in Montenegro in March 2023 for purportedly using fake travel documents? While currently serving a four-month prison term, he could also face the possibility of facing either South Korean or United States charges immediately after his sentence.
In 2022, South Korean prosecutors issued an arrest order for Kwon on the grounds that he had broken the nation’s financial market regulations.
Terra’s crash in 2022 resulted in a $40 billion loss from investors globally, and US and South Korean prosecutors believe Kwon misled TerraUST and Luna investors about their losses.
Following the collapse of the blockchain, Do Kwon could face 40 years prison sentence in South Korea for his participation in the $40 billion blockchain implosion.
