Terra interim CEO says any ‘little progress’ made gets derailed by accusations

Terraform Labs faces “a huge mountain to climb”, according to Terra’s new interim CEO Chris Amani, with the progress of various projects in development constantly hampered by frequent accusations against Do Quon.

On Twitter on July 20th space,title Terra Community Talk, Amani joined several Terra employees to discuss Terra’s future challenges. This came shortly after Amani was appointed as Terra’s new CEO, while former CEO Do Kwon continues to battle legal issues.

He said repeated charges against Do Kwon, who is currently in prison in Montenegro and faces possible extradition to South Korea or the United States, has dashed Terra’s recent momentum.

“Every time we made any progress, there was some kind of reproach or something that kind of derailed us.”

Cointelegraph reported on June 19 that Kwon was found guilty of trying to leave Montenegro using a fake Costa Rican passport. He was sentenced to four months in prison even though he reportedly told the court he had no knowledge of the alleged forgery of his passport.

Commenting on Kwon’s situation, Amani said it was “incredibly painful” to watch what he was going through and expressed hope that Kwon’s stigma could be lifted and he could “come back and join” as soon as possible.

Regarding Terra’s current development, Amani revealed that “perhaps nine” different projects will be released in the coming months at various levels of development.

He declared that no new tokens will be launched with these new developments as the focus will be on “promoting utility” to its native token, LUNA.

We have three projects shelved near completion and are looking for a team to finish and launch on Terra. If you would like to learn more by taking a team course, @mc_ust know.

— Chris Amani (@fleece_cannon) July 20, 2023

Amani stressed that this would be a “huge mountain to climb,” but he believes this is not a situation unique to the cryptocurrency industry.

“This is not an easy rebuild. I mean, nothing is easy in crypto right now,” he said.

He explained that the lack of liquidity is due to decentralized finance (DeFi) applications having to compete with risk-free returns that are “pretty attractive at the moment.”

Related: Legal Proceeding Begins Against South Korean Terraform Labs Co-Founder: Report

He further acknowledged that Terra currently faces difficulty competing with other Layer 1 blockchain projects as it “doesn’t even have a treasure trove of Luna.”

“Despite the lack of activity in the crypto industry, despite the bear market, it is still incredibly competitive from a Layer 1 perspective.

But despite the controversy, most employees chose to stay with the company, he argues.

“We were able to retain most of the team that was here before Depeg,” he said.

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