Terra was the trigger for the collapse in the second half of last year. Many crypto companies fell like dominoes. Now, as Do Kwon counts down the days to receive more prison sentences, Terra is trying to stay alive. Since the captain of the ship is behind iron bars, a new one was needed.
Terra LUNA News
Terraform Labs, founded by Do Kwon and fallen from grace, has found a new interim CEO. Chris Amani, who has been serving as COO and CFO since January 2022, will now be responsible for steering Terraform to safer and hopefully more prosperous waters.
Terra, which represented a $40 billion ecosystem before its bankruptcy, is now at risk of being delisted from exchanges. If volumes decrease and investors abandon the project, we may see that LUNA, which no longer has any benefits in terms of generating profit, becomes a thing of the past.
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Kwon attempted to travel to Dubai using fake documents in March 2023 and was arrested in Montenegro. Later, Kwon faced various charges including securities fraud, commodity fraud, telephone fraud, and conspiracy. It was later revealed that Kwon had sent a significant amount of money to a law firm before the collapse of TerraUSD. South Korea and the United States are seeking Kwon’s extradition.
Before joining Terra in December 2021, Amani was the CEO of Humanity, a computer software company specializing in workforce planning software. Amani’s appointment as the head of the company came as a bit of a surprise. When it comes to other striking collapses, companies rarely undergo such significant changes so close to the peak. Considering that Amani arrived shortly before the disaster began, this choice is even more puzzling.
In a statement after taking office, Amani said:
“While I believe it will be difficult and take a long time, we have a vision of how to save it.”
Amani also made some remarks about the tarnished founder Do Kwon:
“We wish the best for Do and hope he is cleared of all charges. However, it makes more sense for us to continue without him while he is in prison and facing his own legal challenges.”
Not much has changed for Terra, but having the person in charge of the project still having internet access is something. Time will tell us whether Amani can turn a miracle into reality.
