Terraform appoints new CEO as Do Kwon remains in jail

• Do Kwon is facing charges in both South Korea and the U.S., with both countries seeking his extradition.
• Amani expressed hope that Terra could be resurrected with new projects.

As per a recent Wall Street Journal report, Terraform Labs has appointed a new CEO.

Chris Amani, who previously served as COO and later CFO, has taken over as CEO of Terraform Labs, succeeding co-founder Do Kwon. Do Kwon is currently jailed in Montenegro.

Do Kwon is facing charges of violations of capital markets law in South Korea. In the United States, he is facing charges of criminal fraud and civil fraud. Both the countries are seeking his extradition to their own countries.

Amani told WSJ,

“We wish for the best, and we hope that he’s able to clear himself of all charges. But while he’s incarcerated and while he’s facing his own legal challenges, it just makes sense for us to continue on without him.”

What the future holds for Terra

The $40 billion Terraform Labs project crumbled in March last year. Its most important project, the Terra [UST] stablecoin and its sister token Luna [LUNA], crashed spectacularly during the period. The firm, however, continues to operate in Singapore.

Amani expressed hope that the Terra project could be resurrected. He stated that Terraform Labs intends to develop applications that “provide real utility.”

As of now, there is no indication that the company is planning to launch a new stablecoin to replace the failed TerraUSD stablecoin.

Amani acknowledged that Terra has had a difficult year as its stablecoin UST deppeged. The stablecoin has since shown no signs of revival. However, the community has decided to revive Terra without the use of algorithmic stablecoins. Amani stated that the process will be difficult but the team has a clear vision of integrating Terra into the larger Web 3.0 ecosystem.

Reportedly, the company currently has 40 employees, including 15 who were with Terraform Labs before the collapse of the project last year.