Terraform Labs Names New CEO With Hopes To Revive Terra Blockchain Amid Legal Woes
Portfolio Pulse from Murtuza Merchant
Terraform Labs has appointed Chris Amani as interim CEO amid ongoing legal troubles of its co-founder, Do Kwon. Amani plans to create applications with 'real utility' and maintain normal operations despite recent setbacks. Kwon, facing fraud allegations related to the downfall of TerraUSD and Luna cryptocurrencies, remains the majority shareholder of Terraform Labs, owning 92% of the company's shares.
July 19, 2023 | 1:16 pm
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Terraform Labs, the company behind Luna, is facing legal issues. Its co-founder, Do Kwon, is facing fraud allegations related to the downfall of Luna. Despite this, the company plans to maintain operations and create applications with 'real utility'.
The legal issues faced by Terraform Labs and its co-founder, Do Kwon, could negatively impact the price of Luna in the short term. However, the company's plans to maintain operations and create applications with 'real utility' could potentially mitigate some of this impact.
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