Terraform Labs Appoints Interim CEO


Former Terraform Labs (TFL) COO Chris Amani will take over as acting CEO. This is stated in the press release.

“This appointment follows the decision of TFL founder Do Kwon to step down as CEO on March 31, 2023 and as director on May 27, 2023,” the post reads.

Amani has over 20 years of leadership experience at global technology companies (Humanity, MongoDB, Electronic Arts and Zynga). According to the release, he is “ready to accelerate TFL’s mission at a turning point in the company’s history.”

“It’s been a tough year for Terra since the UST depeg, but the TFL community and team have shown incredible resilience. […] The mission of the TFL is to complete the recovery of Terra with them,” said Amani.

The process won’t be easy, he says, but the project has a “clear idea of ​​where Terra fits in the broader Web3 ecosystem.”

In September 2022, South Korea issued an arrest warrant for Do Kwon and five other employees of the organization on charges including violations of capital markets laws.

On March 23, Montenegrin police arrested an entrepreneur while trying to fly from Podgorica airport to Dubai using forged documents. In May, he and former TFL CFO Han Chang-jung pleaded not guilty.

South Korea called on Montenegro to send Kwon home. The United States also claims to extradite the head of the TFL, where he is charged with fraud from SEC and the New York Attorney’s Office.

On June 19, a court in Podgorica found the TFL founder guilty of forging documents while trying to leave Montenegro. He was sentenced to four months in prison.

Recall that the Swiss government has blocked about $26 million in bitcoin and other cryptocurrencies associated with Terraform Labs and Kwon.

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