Planet

when

Terra

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 In a <a style="color: #0000ff;" href="https://document.epiq11.com/document/getdocumentbycode?docId=4287484&amp;projectCode=TEF&amp;source=DM">court filing</a> submitted on January 30, 2024, Chris Amani, the new CEO of Terraform Labs, claimed that the firm is not built to generate profits; instead, any profits earned are reinvested to expand the business. 
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This latest court document, which contains this claim, comes within the context of Terraform’s ongoing bankruptcy case in US courts and provides insights from a major stakeholder regarding the events leading up to the company’s declaration of bankruptcy.&nbsp; 
Amani explained that the primary goal for the Terra Blockchain was not to gain profit but to facilitate faster, more accessible, and more customer-friendly transactions. He also clarified that Terra is not issuing or selling any cryptocurrency to generate revenue or offering trading services for virtual currencies.&nbsp; 
Amani also emphasized that the decision to file for bankruptcy positions Terraform Labs to rebound and reemerge within the crypto sphere in a restructured manner that would ultimately benefit its investors. 
<a style="color: #0000ff;" href="https://www.wsj.com/articles/jailed-crypto-tycoon-do-kwons-company-appoints-new-ceo-d58fa058">Appointed as CEO on June 8</a> last year, Amani assumed responsibility for the company’s executive operations as Do Kwon, the founder and former CEO, <a style="color: #0000ff;" href="https://defi-planet.com/2023/02/us-sec-sues-terraform-labs-and-do-kwon-for-fraud/">faced legal battles with US regulators for his connections with the 2022 collapse of the Terra blockchain.&nbsp;</a> 
Kwon, who is <a style="color: #0000ff;" href="https://defi-planet.com/2023/06/terraform-labs-ceo-do-kwon-found-guilty-of-passport-forgery-sentenced-to-prison-in-montenegro/">in extradition custody in Montenegro</a>, recently&nbsp;<a style="color: #0000ff;" href="https://t.co/rQd294gK8k">sought a trial adjournment</a> due to delays in the extradition process. This plea prompted the US Securities and Exchange Commission (SEC) to agree to reschedule the trial originally slated for January 29 to April. 
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 <img decoding="async" class="size-medium" src="https://pbs.twimg.com/media/GDnTwJTXAAAQoC0?format=jpg&amp;name=large" width="1258" height="1016">
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 Terraform Labs’ request to postpone his attendance at trial. Source:<a href="https://twitter.com/innercitypress/status/1745659357897867369/photo/1"> InnerCity Press.</a>
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The Terraform Labs saga traces back to May 16, 2022, when <a style="color: #0000ff;" href="https://defi-planet.com/2022/05/terra-luna-99-crash-how-did-it-all-go-wrong/">the company experienced a meltdown</a> that sent shockwaves across the crypto landscape. The <a style="color: #0000ff;" href="https://defi-planet.com/2022/05/terrausds-value-plunges-below-1-with-luna-also-taking-a-massive-hit/">fallout saw Terra’s native LUNA token plummet from $80 to below $1, alongside the depegging of its UST stablecoin from the US dollar</a>. Over $400 billion in losses were recorded as a result of the whole saga.&nbsp; 
In response to the crisis,<a style="color: #0000ff;" href="https://defi-planet.com/2022/05/do-kwon-organizes-voting-session-to-implement-changes-in-the-terra-chain/"> Kwon and his team orchestrated a reboot</a> and introduced Terra 2.0, devoid of any ties to its former algorithmic stablecoin that was pointed to as a significant reason for its first collapse. Additionally, they <a style="color: #0000ff;" href="https://defi-planet.com/2022/05/new-terra-blockchain-on-the-way-after-community-voting-session/">launched a new Terra blockchain</a>, dubbed Terra Classic, featuring the Luna Classic (LUNC) native token. 
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The post <a href="https://defi-planet.com/2024/01/terraform-labs-new-ceo-says-the-company-is-prioritizing-growth-over-gain/">Terraform Labs’ New CEO Says the Company is Prioritizing Growth Over Gain</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Terraform Labs’ New CEO Says the Company is Prioritizing Growth Over Gain

DeFi Planet

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