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<p class="is-style-lead">Chris Amani, formerly the chief operating officer (COO) and later chief financial officer (CFO), has assumed the CEO role at Terraform Labs, the developer of the Terra ecosystem, succeeding co-founder Do Kwon.</p> 
<h2 class="wp-block-heading" id="terraform-replaces-do-kwon">Terraform replaces Do Kwon</h2> 
<p>In the&nbsp;<a href="https://www.wsj.com/articles/jailed-crypto-tycoon-do-kwons-company-appoints-new-ceo-d58fa058" target="_blank" rel="noopener noreferrer nofollow">Wall Street Journal</a>&nbsp;report on July 19, Amani expresses hope for Do Kwon’s exoneration from accusations. However, the company must proceed without him due to his current incarceration and legal issues.&nbsp;</p> 
<p>Terra faced challenges with de-pegging its UST stablecoin, and the community revitalized the project without resorting to algorithmic stablecoins.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/what-happened-to-terra-luna-journey-from-crypto-kings-to-fallen-stars/" rel="noopener noreferrer nofollow"> What happened to Terra Luna: one year after collapse </a> </p> 
<p>Terraform Labs will continue operations with about 40 staff members without introducing a new stablecoin to replace TerraUSD.&nbsp;</p> 
<p>This leadership change follows Do Kwon’s&nbsp;<a href="https://crypto.news/do-kwons-montenegro-detention-extended-registered-serbian-company-before-arrest-as-fugitive/" rel="noopener noreferrer nofollow">apprehension</a>&nbsp;by Montenegrin authorities in March, where he refutes any misconduct allegations.&nbsp;</p> 
<p>In late June, Swiss authorities allegedly froze approximately $26 million in Bitcoin belonging to Kwon.</p> 
<h2 class="wp-block-heading" id="terra-woes">Terra woes</h2> 
<p>With several notable headlines by Do Kwon, the remaining question is where this leaves the company.&nbsp;</p> 
<p>In May 2022, the $40 billion Terraform Labs project suffered a significant setback as its flagship project, the Terra [UST] stablecoin, and its companion token, Luna [LUNA], crashed.</p> 
<p>Despite this, the company remains operational in Singapore.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
 <div class="wp-block-embed__wrapper"> <iframe title="US to Seek Crypto Mogul Kwon Extradition" width="1020" height="574" src="https://www.youtube.com/embed/pMKQo1qT2Pg?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div> 
</figure> 
<p>The optimism expressed by the new CEO of Terraform Labs will be closely watched by the rest of the world. He did not mention Daniel Shin or the others indicted by prosecutors in South Korea, nor Kwon, who still holds a controlling share of the company’s stocks.</p> 
<p> You might also like: <a href="https://crypto.news/swiss-authorities-freeze-do-kwon-and-terraform-labs-crypto-assets/" rel="noopener noreferrer nofollow"> Swiss authorities freeze Do Kwon and Terraform Labs’ crypto assets </a> </p>

Terraform appoints interim CEO after Do Kwon’s arrest

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