Terraform Labs has announced the appointment of Chris Amani as its new CEO, as Do Kwon, the former CEO, is currently serving a prison sentence in Montenegro. Amani, who previously held the dual roles of Chief Operating Officer and Chief Financial Officer at Terraform Labs, has been tasked with leading the troubled crypto firm.

Terraform Labs, the crypto company whose collapse last year triggered a downturn in the crypto market, has entrusted Amani with the responsibility of managing the company’s operations while co-founder and former CEO Do Kwon serves a four-month jail term. As reported by the Wall Street Journal, Amani assumed the CEO role after Kwon’s disappearance last year but stepped down following Kwon’s arrest in Montenegro earlier this year.

According to a statement by Terraform Labs to the Wall Street Journal, Amani also resigned from his position as Company Director in May 2023 to handle “personal legal affairs”. Amani told the Wall Street Journal that the company does not plan to launch another stablecoin following the collapse of its flagship TerraUSD (UST) stablecoin last year.

“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,” Amani told the Wall Street Journal, adding that Terraform Labs would focus on developing and introducing new products that provide real utility to its users. Amani further stated that the company currently employs about 40 people.

Regarding Do Kwon’s legal issues, Amani expressed his best wishes for his former boss and looks forward to seeing him once all legal matters are resolved. In the meantime, he believes it is prudent for Terraform Labs to continue without Kwon and deliver value to the company’s users.