Terraform Labs’ CEO is Facing a Very ‘Big Hill to Climb’
- Interim CEO of Terraform Labs, Chris Amani, said that his firm is facing difficulty moving forward.
- He said that he faces a very ‘big hill’ in his path to progress and rejuvenate the blockchain project.
- Any development activity is severely affected by allegations and lawsuits brought by regulators against Do Kwon.
- “Everytime we would make a little progress, there would be some accusation or something that would derail us,” he said.
The interim Chief Executive Officer of Terraform Labs, the firm behind the development and creation of the Terra ecosystem, which collapsed in 2022 under the leadership of Do Kwon and his alias, Chris Amani, claims that he faces a very ‘big hill’ in his path to progress and rejuvenate the project. The executive said that accusations against the former CEO, Kwon, are impeding the firm’s growth.
During a Twitter Spaces session earlier this week titled “A Terra Community Talk,” Amani said that Terraform Labs’ growth is facing severe consequences from the actions of Do Kwon. The accusations against the creator of the project have produced major hurdles for the developers and projects in the Terra ecosystem.
Interestingly, Amani was appointed CEO of Terraform Labs and has been in the position since April 2023, according to LinkedIn data. On the other hand, the former chief executive, Do Kwon, is facing fraud charges in Montenegro along with extradition to South Korea or the United States. At the time of his appointment as CEO, Amani confirmed that he does not have any plans to launch a stablecoin but is more focused on existing blockchain projects.
The interim Terraform Labs’ CEO claims that any momentum that his firm builds is shattered by the lawsuits and allegations that regulators and investors bring against Do Kwon, who is currently in a Montenegrin jail cell.
“Everytime we would make a little progress, there would be some accusation or something that would derail us,” said Amani.
A Montenegrin judge sentenced Do Kwon to four months in prison, claiming that he was found guilty of trying to enter the country using a forged passport and travel documents. However, the founder of Terraform Labs claimed that he did not know his passport was forged because he took it from a travel firm.
As per an earlier report, South Korean prosecutors claim that prior to the collapse of the Terra ecosystem, its founder, Do Kwon, prepaid $7 million to a top-notch law firm in South Korea. The prosecutors have also raided the homes of 8 people connected to Terra’s collapse, including Daniel Shin, the co-founder of Terraform Labs, and seized around 210 billion won, or $160 million.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
