Terraform Labs Finds New Leadership, Seeks Dismissal of SEC Case

Terraform Labs Finds New Leadership, Attorneys Seek to Dismiss SEC Case Following Ripple Decision

Chris Amani, the new CEO of Terraform Labs, announced that the previous CEO, Do Kwon, stepped down before his arrest. Amani, who was the company’s COO, is now the interim CEO and plans to develop applications with real utility. After the collapse of the Terra blockchain ecosystem, supporters of the Terra Classic blockchain want to re-establish USTC’s peg to the U.S. dollar.

Do Kwon stepped down as Terraform Labs’ CEO before his arrest
Chris Amani is the interim CEO and plans to develop applications with real utility
Terra Classic supporters want to re-establish USTC’s peg to the U.S. dollar
A group of developers submitted a plan for rejuvenating the Terra Classic ecosystem
The value of LUNA 2.0 token and Phoenix blockchain has significantly diminished

Amani did not specify whether Terra Classic or Terra Phoenix would be the primary focus, but he promised more information in the future. Around 15 of Terraform Labs’ employees were part of the company before the stablecoin depegging incident. In a separate matter, Terraform Labs’ lawyers have asked for information related to FTX to aid their defense in an SEC lawsuit. They also seek dismissal of specific charges following Ripple Labs’ recent victory against the SEC.

Hot Take: Terraform Labs is undergoing leadership changes and aims to develop applications with real utility. The collapse of the Terra blockchain ecosystem has prompted efforts to re-establish the peg to the U.S. dollar. The value of LUNA 2.0 token and Phoenix blockchain has significantly decreased. The company’s lawyers are seeking information and dismissal of charges in the SEC lawsuit, citing Ripple Labs’ victory as support.