New CEO Unveiled for Terraform Labs

Terraform Labs, the blockchain company, has appointed Chris Amani as its new CEO. Amani has pledged to steer the company’s products in different directions and has no plans to continue offering algorithmic stablecoins.

The former CEO, Do Kwon, stepped down several months ago to address his legal matters. Currently, he is imprisoned in Montenegro, with the USA and South Korea claiming him as the primary cause behind the LUNA/UST crash last year and seeking his extradition.

According to The Wall Street Journal, Chris Amani, the former Chief Operating Officer and Chief Financial Officer of Terraform Labs, has been promoted to the position of CEO. The company is optimistic about his appointment, believing he is the right choice for the role.

Amani has expressed his commitment to developing applications that offer tangible value and utility. Further details about his plans will be revealed in the upcoming months.

“The process won’t be easy, but we have a clear vision of where Terra fits within the broader Web3 ecosystem and are hyper-focused on executing against that vision. We look forward to sharing more on this soon,” he stated.

Amani also asserted that rebuilding Terraform Labs will exclude the offering of algorithmic stablecoins. Recall that the company-issued UST de-pegged in the spring of 2022, dropping eventually to zero. It triggered colossal investor losses and had a negative impact on the entire cryptocurrency market.

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