Terraform Labs co-founder Do Kwon has appointed a new chief executive officer to lead the crypto company after facing fraud charges stemming from the $40 billion collapse of TerraUSD and Luna cryptocurrencies.
A New Chief Executive Officer Appointed to Terraform Labs
The interim CEO is Chris Amani, who was previously the company’s chief operating officer and chief financial officer, Terraform Labs told The Wall Street Journal.
The company is pushing with a long-winded proposal to revive the Terra blockchain, which underpins failed cryptocurrencies.
Amani said the company will develop apps that “provide real benefit” and will share more details of its plans in the coming months.
“Even though I think it will be difficult and take a long time, we have a vision of how we can salvage this,” Amani said in an interview.
Amani said the company had about 40 employees, of whom 15 worked at Terraform Labs before the collapse of TerraUSD and Luna in May 2022.
In a statement from the company, it was stated that Kwon resigned from the CEO of Singapore-based Terraform Labs on March 31, about a week after his arrest.
Terraform Labs announced that Kwon was stepping down from his position as director of the company on May 27 to focus on his “personal legal affairs.”
“We wish Do the best and hope he can clear himself of all charges. But with him in prison and facing his own legal challenges, it makes more sense for us to go without him,” he said.
Amani confirmed that Kwon remains the majority shareholder of Terraform Labs. The Securities and Exchange Commission said in court filings that Kwon owns 92% of the company’s stock.
Amani said he continued to run Terraform Labs remotely after disappearing from the public eye for half a year before Kwon’s arrest.
*Not investment advice.