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Former Terraform Labs CEO Do Kwon Jailed, COO Takes Over as Company Faces Uphill Battle

Chris Amani, who previously served as Terraform Labs' COO and CFO, has taken over as CEO in the absence of former CEO Do Kwon, who is currently in jail in Montenegro awaiting possible extradition. Amani stated that the company is not planning to launch another stablecoin, but instead wants to create products with real utility for users.

Kwon still owns the majority of the company's shares and faces criminal charges and a civil fraud lawsuit filed by the SEC for his role in the collapse of TerraUSD. Amani wishes Kwon the best but believes it makes sense for the company to continue on without him while he faces legal challenges.

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