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As the freshly appointed interim CEO of Terraform Labs, Chris Amani is staring down a steep ascent. His biggest obstacle? The incessant legal allegations against former CEO, Do Kwon, which continue to disrupt Terra's stride towards progress.
On July 20, Amani voiced his concerns during a Terra Community Talk on Twitter Spaces. This conversation, shared among several Terra members, was convened not long after Amani had assumed his role, taking the reins from Do Kwon who's currently embroiled in legal complications.
Kwon's legal battle, which now sees him behind bars in Montenegro and possibly awaiting extradition to South Korea or the US, has put a dampener on Terra's momentum. As per Amani, each stride towards progress was systematically thwarted by a fresh accusation or impediment related to Kwon.
On June 19, it was reported Kwon's conviction on charges of attempted evasion from Montenegro with a counterfeit Costa Rican passport. Despite Kwon's protestations of ignorance regarding the falsified passport, he was slapped with a four-month jail sentence.
Amani expressed deep concern for Kwon's predicament, fervently hoping for his name to be cleared so he could return to participate at Terra as soon as possible.
Turning towards Terra's ongoing projects, Amani disclosed nearly nine different projects at diverse stages of development, expected to roll out in the upcoming months. He assured that none of these ventures would see the introduction of new tokens. Instead, the focus would be on enhancing the utility of its native token, Luna (LUNA). He recognized the uphill task ahead but saw it as a familiar terrain within the crypto industry.
Amani cited the present liquidity crunch arising from the competition with the risk-free rate of returns provided by decentralized finance (DeFi) applications as another hurdle. Terra's struggles are amplified as it tries to match up with other layer-1 blockchain projects without a Luna treasury.
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