- Chris Amani, instead of repaying money to the victims, fattened himself.
- Refused to pay smallholders from the Luna Foundation Guard but withdrew a large salary.
- Despite earning 100s of 1000s of money from MEV Bots and farming rewards claimed Zero business revenue.
Chris Amani, CEO of Terra Money, from June 8, 2023, got a signing bonus of $1 million and a yearly salary of $2.6 million. He refused to pay small shareholders from the Luna Foundation Guard but turned around and took a massive salary for himself. FatMan, a cryptocurrency and financial researcher, tweeted on X about the shady TFL accounting and Amani’s pocketing of money that should have gone to the victims of the UST Scam.
As the CEO of Terra Money, Chris Amani took a total of $3.6 million as a year’s salary, all the while claiming zero business revenue and 1,683.40 of non-business revenue from 2022. Before becoming a CEO, he worked as TFL’s Chief Operating Officer and Financial Officer.
Terraform Labs funneled nearly $100 million in BTC to Dentons, the world’s largest global law firm, during the months of December and January. However, during the bankruptcy process, the courts and creditors were able to recover $48 million from the law firm.
Terraform Labs officially filed for Chapter 11 bankruptcy on January 21 at the Delaware Bankruptcy Court. While filing, the company declared it was around $100 to $500 million in assets and the same amount in liabilities. Terraform Labs said in a statement,
The filing will allow TFL to execute on its business plan while navigating ongoing legal proceedings, including representative litigation pending in Singapore and U.S. litigation
Although they have been claiming no revenue since 2022, data from the 90-day transaction report show that TFL earns 1000s on MEV Bots and farming rewards from the Grant. Despite exposing the scam of terraforms, there are still some unsolved questions.
