Interim CEO of Terraform Labs Chris Amani recently discussed the challenges the company faces in progressing its various projects amid former CEO Do Kwon’s legal issues. During the July 20 Twitter Spaces, titled A Terra Community Talk, Amani touched upon the difficulty of the situation as the reports of the allegations appear to be affecting the momentum Terra had built up. Despite Kwon’s current position being in a jail cell in Montenegro, facing possible extradition to South Korea or the United States, Amani has expressed hope for his name to be cleared so he can “come back and participate” once again.
Amani, who was appointed as CEO following Kwon’s arrest, noted that Terra has many projects in various stages of development yet to be launched, although none will feature a new token for utilization. All focus is to drive Terra’s native token, Luna, as uptake on DeFi has been hampered by expectations of risk-free rate returns. He told the audience, “We have been able to hold a large portion of the team that was here before the depeg.”
Nevertheless, Amani did comment on the considerable climb powered by courage and innovation it is going to take for the company to rebuild itself and remain as a business. He concluded that it is a difficult situation for the cryptocurrency industry and the shortage of liquidity has certainly proved that.
