Terraform Labs appoints interim CEO

Former Terraform Labs (TFL) chief operating officer Chris Amani will assume the role of interim CEO. As stated in a press release.

“This appointment followed the founder Do Kwon’s decision to step down as CEO on March 31, 2023 and from the board on May 27, 2023,” the statement said.

Amani has more than 20 years of leadership experience in 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 has been a difficult year for Terra after the depeg from UST, but the community and the TFL team have shown remarkable resilience. […] The mission of TFL is to complete the Terra recovery together with them,” Amani said.

He said the process will not be easy, but the project has “a clear sense of where Terra sits in the broader ecosystem Web3“.

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

On March 23, Montenegro police arrested an entrepreneur as he attempted to fly out of Podgorica airport to Dubai using forged documents. In May, he and former TFL chief financial officer Han Chang-joon pleaded not guilty.

South Korea urged Montenegro to extradite Do Kwon to his homeland. The United States also seeks the extradition of the head of TFL, where he faces fraud charges from the SEC and the U.S. Attorney’s Office for the Southern District of New York.

On June 19, a court in Podgorica found the founder of TFL guilty of document forgery in an attempt to leave Montenegro. He was sentenced to four months in prison.

Earlier, the Swiss government blocked about $26 million in Bitcoin and other cryptocurrencies linked to Terraform Labs and Do Kwon.