Terraform Labs has a new CEO
Date: 2023-07-22 Author: Karina Ziganova Categories: BUSINESS
The Terraform Labs ecosystem has a new CEO, while the founder and former head of the company, Do Kwon, is awaiting a court verdict in Montenegro. It is reported by The Wall Street Journal
According to the publication, US citizen Chris Amani has become the new CEO of Terra since April 2023. He has been with the company since 2021 and has served as Chief Operating Officer and Chief Financial Officer.
Amani noted that the company has no plans to launch any stablecoins and will focus on developing other products. He also expressed the hope that Do Kwon will be cleared of all charges, and in the meantime, the ecosystem will continue to work without him.
"We have a vision of how we could save the company, although I think it's going to be difficult and time-consuming," Amani said.
The revival of Terra by the "six samurai"
Last month, six engineers calling themselves the "Six Samurai" proposed a plan to restore the Terra ecosystem. A group led by Bilbo Baggins and Solid Snake offered the Terra Classic community $116,000 over three months.
Some of the tasks listed by the "samurai" in the proposal include updating the network to reduce synchronization time between nodes and creating a TerraUSD testnet (USTC) to test financial services. They also want to develop a token revenue app and a developer reward plan.
The U.S. and Korea are fighting for Do Kwon
Meanwhile, the U.S. and South Korea are seeking the extradition of Do Kwon, accusing him of misleading investors in TerraUSD and Luna, causing thousands of investors to lose $40 billion. In 2022, South Korean prosecutors issued an arrest warrant for the businessman, accusing him of violating capital markets laws.
In March, Do Kwon was arrested in Montenegro on suspicion of using a fake passport while trying to fly to Dubai. As a result, the founder of Terra received four months in prison, and after the expiration of his sentence, he may be extradited to the United States or South Korea.
