Terraform Labs Appoints New CEO Amid Do Kwon’s Legal Woes

• Terraform Labs has appointed Chris Amani as its new CEO as Do Kwon serves jail time in Montenegro.
• Amani previously served as the Chief Operating Officer and Chief Financial Officer of Terraform Labs.
• The new CEO revealed that he has a vision to salvage the defunct crypto firm under his leadership.

Terraform Labs, the crypto firm whose implosion triggered the crypto winter last year, has appointed a new Chief Executive Officer to take charge of the defunct firm’s operations. Chris Amani has been tapped to serve as the CEO while co-founder and former CEO Do Kwon serves a 4-month sentence in a Montenegrin prison.

According to a report by the Wall Street Journal, Chris Amani was promoted from his previous dual role of Chief Financial Officer and Chief Operating Officer. Amani reportedly took over as the CEO of Terraform Labs after Do Kwon disappeared last year but stepped down from the role following Kwon’s arrest in Montenegro earlier this year in March.

In a statement to WSJ, Terraform Labs stated that Chris Amani also stepped down from the post of Company Director in May 2023 in order to attend to “personal legal affairs”. Amani told WSJ that the company had no plans to launch another stablecoin after the collapse of its flagship TerraUSD (UST) stablecoin last year.

“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,” new CEO Chris Amani told WSJ, adding that Terraform Labs would focus on exploring and creating new products that would offer real utility to its users. Amani further stated that as of now, his company employed about 40 people.

Speaking on Do Kwon’s legal issues, Chris Amani stated that he wished the best for his former boss and looked forward to seeing him once all legal matters were addressed. In the meantime, he said it would make sense for Terraform Labs to continue without him and deliver value for the company’s users.