The Wall Street Journal: Co-founder Do Kwon remains in custody, Terraform Labs appoints Chris Amani as new interim CEO

ChainCatcher news, Terraform Labs has appointed Chris Amani as the new CEO to manage the cryptocurrency company, while its co-founder Do Kwon faces fraud charges due to the collapse of TerraUSD and Luna cryptocurrencies worth $40 billion and is currently detained in a prison in Montenegro. It has been confirmed that Kwon remains a major shareholder of Terraform Labs, with court documents provided by the SEC indicating that Kwon owns 92% of the company.

According to Terraform Labs, interim CEO Chris Amani, who previously served as the company's Chief Operating Officer and Chief Financial Officer, stated that the company currently has about 40 employees, of which about 15 worked at Terraform Labs before the TerraUSD and Luna events in May 2022. Amani said, "Terraform is continuing to work towards revitalizing the Terra blockchain that underpinned the failed cryptocurrencies. The company will develop applications that 'provide real utility' and will no longer launch new stablecoins. The company will share more details of its plans in the coming months."