Terraform Labs, the company behind the collapsed TerraUSD and Luna cryptocurrencies, has appointed Chris Amani as interim CEO, as co-founder Do Kwon faces fraud charges and is currently jailed in Montenegro, the Wall Street Journal reports.
Amani, formerly the company's COO and CFO, expressed plans to revive the Terra blockchain and develop applications that provide real utility, despite acknowledging the difficulty and time required for the recovery.
Seasoned executive
Amani is a seasoned executive in the technology industry, known for his leadership roles at various start-ups. Before joining Terraform Labs, Chris Amani served as the CEO of Humanity. Under his leadership, the company strengthened its position in the employee-scheduling software market.
According to his LinkedIn profile, he started as a financial analyst at Walmart.com, where he worked for three years from 2004 to 2007. He then moved on to electronic arts, where he worked as an FP&A Manager for three years from 2008 to 2011.
Amani then joined Zynga as director of financial planning and analysis and stayed with the company for over two years, from 2011 to 2013. His last position before joining Terraform Labs was with MongoDB, where he served as the director of FP&A for two years, from 2013 to 2015.
Kwon's legal troubles
Meanwhile, both the U.S. and South Korea are seeking Kwon's extradition, accusing him of misleading investors into TerraUSD and Luna, leading to a $40 billion crash that wiped out the savings of thousands of investors globally.
As reported by U.Today, Kwon, co-founder of Terraform Labs and a key figure in the TerraUSD and Luna cryptocurrency collapse, could face up to 40 years in prison in South Korea for his role in the $40 billion implosion.
Last month, the Montenegro High Court overturned a previous ruling allowing Terraform Labs co-founder Do Kwon, involved in a high-profile cryptocurrency scandal, to be released on bail.
The decision implies that Kwon and his former CFO, Han Chong-joon, accused of document forgery, would remain in custody while a new decision is made, amid extradition requests from South Korea and the U.S. The two were arrested in Montenegro earlier this month.
Amani offered Kwon best wishes, hoping that he will be able to absolve himself of all charges. He also mentioned, considering Do's current incarceration and ongoing legal issues, that it seems logical for them to proceed without him.
Terra's comeback?
In the meantime, a group of six engineers has put forth a plan aimed at breathing new life into the Terra Classic ecosystem and its LUNC tokens, which currently have a market value of nearly $600 million.
The team plans to reduce node syncing times, create a terraUSD testnet, develop yield-generating applications and implement a reward system for developers, aiming to restore the value to the Terra Classic blockchain despite the fallout from Terraform Labs' co-founder Kwon.
Valeria Blokhina
