Terraform Labs appoints a new CEO

With Terraform Labs co-founder Do Kwon facing possible extradition to South Korea or the United States from a prison cell in Montenegro, the company has decided to appoint a new CEO. Despite this, Kwon still remains Terra’s main shareholder.

Chris Armani becomes new CEO

According to reporting of The Wall Street Journal, Chris Amani, a US citizen, has been named Terra’s new CEO. Amani has been with Terra since 2021 as Chief Operating Officer and Chief Financial Officer. Prior to his role at Terra, he was CEO at Humanity, a scheduling solutions provider. According to his LinkedIn profile, Amani has served as CEO at Terra since April 2023.

Amani said the company has no plans to launch stablecoins. They want to focus on other products. The following was said about this:

We have a vision of how we can manage this, even though I think it will be difficult and it will take a long time.

The director also expressed the hope that Do Kwon could clear himself of all charges, while Terra will continue to operate without his presence for the time being.

The collapse of Terra

In May 2022, the collapse of Terra sparked a chain reaction that crashed the crypto market. The platform’s stablecoin, TerraUSD (UST), lost its peg to the US dollar, resulting in investigations into Kwon and co-founder Daniel Shin’s suspected involvement in illicit transactions during the collapse.

In March 2023, Do Kwon was arrested in Montenegro for allegedly using forged travel documents. He was sentenced to four months in prison but faces extradition to the US or South Korea once his sentence is served. In 2022, South Korean prosecutors issued an arrest warrant for Kwon, accusing him of violating the country’s capital market laws.

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