New Terraform Labs CEO Says They Have a Plan for How to ‘Salvage’ the Terra (LUNA) Network

It’s no longer news that Terraform Labs has a new CEO. The crypto company has had its share of legal and administrative troubles, resulting from the jailing of former CEO, Do Kwon. Serving his jail time in Montenegro, the former Chair awaits possible extradition to South Korea, the company is moving on, with a concrete plan to salvage the Terra network, in extension, Terra Classic and .  

According to the Wall Street Journal, the new Terraform Labs CEO is Chris Amani. He has been with the company since 2021. He’s served in the double capacity of Chief Operating Officer (COO) and Chief Financial Officer (CFO).

Before joining Terraform Labs, he served as the CEO of Humanity, the online scheduling solution provider. His Linkedin profile indicates that he assumed the role of CEO in Terraform Labs in April 2023. With his solid plan, Amani is expected to salvage Terra Network, and we may soon witness an upward trend in the .

The CEO’s Vision

As stated earlier, the new CEO of Terraform Labs, Chris Amani, has a plan to salvage the Terra (LUNA) network. To some extent, his impact has been felt already. LUNA Classic price has experienced some recovery, stabilizing meaningfully and gaining at some point.

How exactly does the new CEO intend to salvage the Terra (LUNA) Network? Time will likely provide the right answer. At the moment, we will rely on the words of the CEO. According to him:

“We have a vision for how we could salvage this, even though I think it’s going to be hard and it’s going to take a long time.”

Considering his experience, it’s safe to say he has what it takes to rescue the Terra (LUNA) Network. The fact that he has been with the company since 2021, serving in sensitive positions, adds credence to his capacity to salvage the crypto company.

What Happened to Terra?

Terra collapsed last year, 2022. In what can best be described as the crypto equivalent of a bank run, depositors lost confidence in the company and its token. The Terra stablecoin and LUNA token were all but dead by May 16.

As if the collapse of Terra was not enough trouble, the CEO, Do Kwon, ran into trouble with the authority in Montenegro barely a year after his business misfortune. He was found guilty of falsifying documents and sentenced – with another South Korean national – to four months in jail.

What Next

Do Kwon is no longer associated with Terraform Labs, Terra (LUNA) Network, or the rebranded Terra Classic and associated assets. With a new Chief Executive Officer, the company will most likely stage a historic comeback. An experienced administrator, the new CEO, Chris Amani, has what it takes to turn things around in Terraform Labs.

By admitting that it is going to take a long time to salvage the Terra (LUNA) Network, the new CEO appears to be someone on the right track. While the full detail of the vision hasn’t been made public, we expect that things will work. We may experience some positive movements in LUNA’s price and LUNA Classic’s price.