After Terraform Labs went bankrupt last year, a CEO was appointed as its head.
The appointed interim CEO, Chris Amani, said the steps taken at the company took them back because of the accusations. The CEO made statements about the progress of the project.
Statements from Chris Amani, Terra’s interim CEO, on the company’s progress
Terraform Labs’ interim CEO Chris Amani said the progress of Terra’s projects in development has been hampered by persistent accusations against former CEO Do Kwon. Amani attended a Twitter Spaces event to discuss the challenges that lie ahead for Terra, and noted that Terra’s recent momentum has been shattered by the accusations. Kwon was reportedly found guilty of using a false passport and is currently in prison in Montenegro.
Amani briefed on the current developments of Terra and explained that there are several projects to be released in the coming months. He stated that he will focus on Terra’s native token Luna and that no new tokens will be released with new projects. But he acknowledged that competition is tough, with liquidity crunch and the risk-free rate of return stemming from decentralized finance practices.
We have 3 projects on the shelf, close to complete, looking for teams to finish off and launch on Terra. If you have a team to take one and want to learn more, let @mc_ust know.
— Chris Amani (@fleece_cannon) July 20, 2023
Amani noted that most of the Terra team chose to stay with the company and that the project is still competitive in the cryptocurrency industry. However, he expressed that it is difficult to monitor to provide information on Do Kwon’s condition and he hopes Kwon’s name will be cleared. She stressed that Terra faced a huge hill that needed to be rebuilt despite various difficulties.
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