Terraform Labs’ in-house legal team Terra’s (LUNA) algorithmic stablecoin of UST It was revealed that he had resigned shortly after the collapse.
According to the article published on The Block, a source on the subject said that the company’s legal operations are now managed by outside lawyers.
Terra Labs corporate lawyers #TOPHe resigned shortly after the collapse of . The company will now receive outside legal support. -The Block
— Bitcoin System (@bitcoinsystem) May 17, 2022
Three of LUNA’s Legal Team Resign After Collapse
The LinkedIn profiles of Terraform Labs general counsel Marc Goldich, chief corporate counsel Lawrence Florio, and chief litigation and regulatory counsel Noah Axler show that all three names were no longer employed at Terraform Labs in May. These names had not yet completed a year in the company.
A Terraform Labs spokesperson said in a statement:
“The past week has been tough for Terraform Labs, and a small number of our teammates have resigned in recent days. The vast majority of team members remain committed to continuing the project’s mission.
The Terra ecosystem is more than UST and has a passionate community with a clear vision that knows how to rebuild. Our main focus right now is to implement our plan to revitalize the Terra ecosystem.”
The news of the resignation comes after a very tough week for Singapore-based Terraform Labs and the institution-run Blockchain.
Founded in 2018 by Do Kwon and Daniel Shin, Terraform Labs is known as the main promoter behind the Terra ecosystem. Described as the third largest stablecoin in the pre-crisis period, UST deviated from its target price of $1 last week. Billions of dollars were sold and the LUNA token was printed in order to withdraw the UST token to 1 dollar again, but UST failed to regain its former value.
*Not investment advice.