Terraform Labs’ Legal Team Walks out Amid Terra Crisis

Linkedin profiles of the legal team members show their resignation from the company.
Terraform Labs’ Legal Team Walks out Amid Terra Crisis

Amid the ongoing disruption in Terra and UST, Terraform Labs’s legal body abandoned the firm after envisaging the end of the crypto project. As per the inside source, future legal operations will henceforth be handled by outside institutions.

The LinkedIn accounts of Terraform’s legal team members general counsel Marc Goldich, chief corporate counsel Lawrence Florio, and head litigation and regulatory counsel Noah Axler reveal that they left the firm in May.

“The past week has been challenging for Terraform Labs, and a small number of team members resigned in recent days,” said a spokesperson for the company. 

“The vast majority of team members remain steadfastly committed to carrying out the project’s mission. Terra is more than UST, with an incredibly passionate community and a clear vision on how to rebuild. Our focus is now on executing our plan to revive the Terra ecosystem.”

Also Read: S Korea’s lawmaker Calls Hearing On Terra crisis with Do Kwon

After the de-pegging issue arrived on the UST, its market cap plunged to nearly $1.45 billion. On the other hand, Terra’s price also slipped to the death and almost became zero ($0.00018).

However, the co-founder of Terraform Labs, Do Kwon is striving to get the blockchain ecosystem on track. He raised a proposal to implement a hard fork that can split its mainchain into two different chains. 

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