Terraform Labs, the blockchain company which collapsed in May 2022, has been appointment of former chief operating officer (COO) Chris Amani as its new interim Chief Executive Officer (CEO), according to the Wall Street Journal.
This leadership reshuffling comes as the company’s co-founder, Do Kwon, grapples with fraud convicion in Montenegro, as well as threat of being expedited to both South Korea and the United States over the catastrophic collapse of the TerraUSD and LUNA cryptocurrencies.
While Kwon, still the majority stakeholder of the company, faces legal issues, Amani is tasked with steering Terraform Labs on a path of stability. The transition of roles is intended to ensure the company’s seamless operation amid the ongoing turmoil:
“We have a vision for how we could salvage this, even though I think it’s going to be hard and it’s going to take a long time.”
Amani, an American who served as CEO of software startup Humanity before joining Terraform Labs, brings a lot of experience to the position. His stated vision is to salvage the company by developing applications offering tangible utility, with detailed plans set to be unveiled in the coming months.
The long-term goal is to eventually bring Terra back to life after its hard fall from grace over one year ago.
Interestingly enough, the company seems to have dropped plans for launching a new stablecoin, considering the debacle it faced with the crash of its algorithmic stablecoin TerraUSD in 2022. This debacle, and the simultaneous crash of Luna, led to losses amounting to $40 billion and catapulted the ongoing bear market.
As Kwon battles charges in both the U.S. and South Korea, Terraform Labs will be rallying under Amani’s leadership. It remains to be seen how this transition affects its attempt to revive its core technology, as:
“While he’s incarcerated and while he’s facing his own legal challenges, it just makes sense for us to continue on without him.”
