Terraform Labs’ Legal team resigns despite numerous rescue attempts (Report)

Reports suggest that the Singapore-based company’s legal functions are now being managed by outside counsel.

After the collapse of its flagship stablecoin UST in March, Terraform Labs’ legal team resigned from what many considered a sinking ship.

As per their LinkedIn profiles, Terraform’s Chief corporate counsel Lawrence Florio, general counsel Marc Goldich, and regulatory counsel Noah Axler have all quit as of May 2022.

After the UST algorithmic stabilitycoin lost its peg, the Terra ecosystem has been experiencing a lot of turmoil in the past weeks.

The departure of three lawyers from the company is at a moment when Do Kwon (its co-founder) has made several suggestions to revive the ailing blockchain.

Kwon has been gaining popularity in recent years. came up with “Terra Ecosystem Revival Plan 2,” which involves forking LUNA. The old one will be called “LUNA Classic” (LUNC), and a new version of the coin re-dubbed LUNA.

Terra’s decision must be made by May 18, although many Terra residents are still skeptical. CZ, Binance CEO, stated that the fork would not be beneficial to the ecosystem. Instead, the exec said that “reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin.”

Do Kwon is one of the most prominent individuals responsible for a crypto company that suffered a sudden fall. Although the exec may have been able to resign, assured the community that he will always be there for Terra, no matter “how hard it gets,” the fiasco is too big for the South Korean authorities to ignore who may call Kwon to testify in a hearing.

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