Terraform Labs' Do Kwon replaced as CEO, faces possible decades-long prison sentences Cryptocurrencies
“We wish Do the best and we hope that he’s able to clear himself of all charges,” Amani said. “But while he’s incarcerated and while he’s facing his own legal challenges, it just makes sense for us to continue on without him.”
Terraform Labs is based in Singapore and was cofounded by Kwon and fellow South Korea national Hyun-Seong Shin, also known as Daniel Shin, who had his first hearing in a South Korean court on Jul. 10 on charges related to the collapse of the Terra-Luna ecosystem. Amani said the company has approximately 40 employees today, including around 15 who worked there prior to the May 2022 collapse of the Terra/Luna algorithmic stablecoin project.
Amani said following the implosion of the Luna/Terra crash Terraform Labs isn’t looking to launch a new stablecoin. Instead, the company is hoping to revive the Terra blockchain and develop applications “that provide real utility” to users. Amani said Terraform would share additional details about its plans in the coming months.
On June 7, the lead prosecutor of South Korea’s investigation into the collapse of Terraform Labs said Kwon could serve decades-long consecutive prison sentences in both his native country and the United States.
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