Terraform Labs Appoints New CEO While Co-Founder Remains in Jail
Terraform Labs appointed a new chief executive officer following
Do Kwon’s resignation on
March 31, 2023. In a Wall Street Journal interview, the interim CEO,
Chris Amani, discussed his team’s “vision” for rescuing the beleaguered blockchain project.
A group of six unidentified developers submitted a
plan for rejuvenating the Terra Classic ecosystem. The new LUNA 2.0 token and Phoenix blockchain activity and value have significantly diminished, with
LUNA down 96.63% from its peak on May 28, 2022. The cryptocurrency currently possesses a market valuation of approximately
$207 million, and around $6 million in total value is locked across nine decentralized finance platforms.
However, he assured that further information
would be divulged in the coming months.
The CEO news broke after Terraform Labs lawyers asked
the court for certain information related to FTX, believing this data could aid their defense in a lawsuit initiated by the U.S. Securities and Exchange Commission (SEC).
“Ripple is thus fatal to the SEC’s arguments that UST, LUNA, wLUNA, MIR, and mAssets were sold as investment contracts,” the court filing details.
