Terra interim CEO says any 'little progress' made gets derailed by accusations
Terraform Labs faces a “big hill to climb” as the progress of its various projects in development are constantly being impeded by frequent accusations, according to Terra’s new interim CEO Chris Amani.
In a July 20 Twitter Spaces, titled A Terra Community Talk, Amani joined several Terra employees to discuss the challenges ahead for Terra moving forward, shortly after Amani was appointed as Terra’s new CEO, while the former CEO, Do Kwon, continues to battle legal issues.
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He noted that the frequent allegations against Do Kwon, who is currently in a jail cell in Montenegro and facing possible extradition to South Korea or the United States, has shattered any momentum that Terra has been building recently.
Cointelegraph reported on June 19 that Kwon was found guilty of attempting to leave Montenegro using a false Costa Rican passport. He was sentenced to four months in prison despite reportedly telling the court that he wasn’t aware the passport was allegedly forged.
Amani stated that Terra has “maybe 9” different projects at various levels of development that are in the works to be released over the coming months.
Amani added that no new tokens will be launched with any of the new products Terra is building, as it will be focusing on “driving utility” back to its native token, Luna (LUNA).
He explained that it is going to be a “big hill to climb,” but believes it is not a unique situation within the cryptocurrency industry.
“This is not going to be easy rebuilding; I mean nothing is easy in crypto right now” he said.
He explained that the shortage of liquidity is due to a lot of DeFi applications having to compete with risk free rate of returns that are “fairly compelling right now.”
Related: Legal
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