• Terraform Labs’ CEO Chris Amani pocketed $8 million from the company.

  • Amani kept $4.47 million of the $6.7 million in “Key Employee Retention Plan Awards.”

  • Amani was paid $3.669 million in salaries, sign-on bonus, and other benefits.

Chris Amani, the chief executive of Terraform Labs, the firm behind the rise and collapse of the Terra ecosystem, received $8 million from the bankrupt company that had filed for bankruptcy in January.

As crypto and finance researcher FatManTerra noted in a post on social media platform X (formerly Twitter), Amani has not compensated those affected by the implosion of the Terra ecosystem, but instead directed the money to himself.

“Absolutely disgusting, hope this is all clawed back by the trustees.”

In another X post, Ray Raspberry, an advisor for Turkey DAO, confirmed that Amani kept $4.47 million of the $6.778 million in “Key Employee Retention Plan Awards.” These funds were part of the bankruptcy strategy aimed at retaining essential employees of the collapsed firm.

Retention Data releasedChris Amani @fleece_cannon the CEO of @terra_money pocketed 4.47M of the 6.778M in "Key Employee Retention Plan Awards"This was, as I understand it, in addition to the salary, benefits, and sign-on bonus of 3.669MTOTAL of 8.139M collected by Chris https://t.co/ROSlwNI4LC pic.twitter.com/ZX0D3eVxyY

— Ray Raspberry (@RayRaspberry1) July 18, 2024

Amani was also paid $3.669 million, which included salary, benefits, and a sign-on bonus, bringing the total to nearly $8 million, as FatManTerra pointed out.

The de-pegging of the TerraUSD stablecoin and the collapse of LUNA wiped out more than $40 billion from the crypto sector in 2022. It was one of the largest financial disasters globally and led to the collapse of several other crypto firms, including venture capital firm Three Arrows Capital (3AC) and crypto lending platform Celsius Network.

Despite the challenges faced by Terraform Labs and its founders, the Terra Classic community has demonstrated remarkable resilience, actively working to rebuild and revive the ecosystem. The recent surge in LUNC’s price, combined with ongoing community initiatives and positive regulatory developments, suggests a potential turning point for the beleaguered project.

While Terraform Labs continues to sell key assets as the August 9 bankruptcy deadline approaches, the commitment of the Terra Classic community and the recent signs of market recovery offer a glimmer of hope.

The post Outrage as Terraform Labs CEO Receives $8 Million While Investors Suffer appeared first on Coin Edition.