Terraform Labs co-founder Do Kwon’s TerraUSD And Luna cryptocurrency has appointed a new chief executive officer to run the crypto company after facing fraud charges stemming from the $40 billion collapse of its units.
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.
“We have a vision of how we can salvage this, although I think it will be difficult and take a long time,” 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 resigned from the company’s management position 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.”
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 Kwon had disappeared from the public eye for half a year before his arrest.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!