Terraform Labs names former COO Chris Amani as CEO: WSJ
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In May 2022, defunct blockchain company Terraform Labs appointed former chief operating officer (COO) Chris Amani as its new interim chief executive officer (CEO), The Wall Street Journal reported.
The change in leadership comes as the company's founder, Do Kwon, struggles with fraud in Montenegro, as well as concerns that it may accelerate into South Korea and the United States due to the catastrophic collapse of TerraUSD and LUNA cryptocurrencies.
Kwon, who is still the company's majority shareholder, has been tasked with keeping Amani Terraform Labs on track while it faces legal issues. The transfer of functions is aimed at ensuring the smooth operation of the company:
We have a vision of how we can save this, although I think it will be difficult and take a long time.
Amani American, who served as CEO of software startup Humanity before joining Terraform Labs, brings a wealth of experience to the position. His vision is to save the company by preparing detailed plans in the coming months and providing concrete facilities.
His long-term goal is to bring Terra back to life after a serious setback a year ago.
Interestingly, the company Considering the failure of the algorithmic stable coin TerraUSD in 2022, it seems that he has abandoned the plan to launch a new stable coin. It records an ongoing bear market.
Terraform Labs will come together under Amani's leadership as Kwon prosecutes in the US and South Korea. It remains to be seen how this transition will affect his attempts to renew his core technology:
“With him in jail and facing his own legal challenges, it makes sense that we continue without him.”
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