- Terraform Labs’ interim CEO, Chris Amani, emphasizes that the accusations against Do Kwon are derailing the company’s progress.
- Despite the ongoing legal issues, Terraform Labs remains focused on upcoming projects, with no new tokens being launched, and aims to enhance the utility of its native token, Terra LUNA.
Terraform Labs’ recently appointed interim CEO, Chris Amani, acknowledges the company’s considerable challenges amidst ongoing allegations against Do Kwon. Amani states these recurring accusations frequently derail the company’s developmental strides.
Accusations Against Kwon Hinder Terra’s Progress
During a Twitter Space event named A Terra Community Talk held on July 20, Amani, along with several Terra employees, highlighted the difficulties facing Terra. This dialogue followed shortly after Amani’s appointment as Terra’s CEO, amidst the continuing legal battles involving former CEO, Kwon.
Amani lamented that the recurrent allegations against Kwon, currently incarcerated in Montenegro and potentially facing extradition to South Korea or the United States, have disrupted any momentum Terra had started to build.
“Every time we would make a little progress, there would be some accusation or something that would derail us,”
Cointelegraph previously reported on June 19 that Kwon was convicted for attempting to leave Montenegro using a counterfeit Costa Rican passport, leading to a four-month prison sentence. Amani conveyed his anguish over Kwon’s predicament, expressing his hopes for Kwon’s name to be cleared, enabling his prompt return to active participation.
Discussing Terra’s ongoing developments, Amani disclosed around nine various projects at different development stages, slated for release in the coming months.
Amani made it clear that none of these new projects would launch any new tokens. Instead, the focus is on driving utility back to its native token, Terra LUNA. Despite recognizing the steep uphill journey, Amani asserted that such challenges are not uncommon in the cryptocurrency industry.
Addressing the liquidity shortage issue, Amani pointed out it’s due to decentralized finance applications competing with currently attractive risk-free rates of returns. He also conceded Terra’s current struggle to compete with other layer 1 blockchain projects as it doesn’t even possess a Luna treasury.
In spite of the existing bear market and the intense competition, especially from layer 1 teams with substantial treasuries, Amani claims that most employees have chosen to stay with Terraform Labs, amid the controversies.
“We have been able to hold a large portion of the team that was here before the depeg,”