Terraform’s Legal Team Is Reportedly Leaving The Company

May 18, 2022 7:11 pm

It appears Terra’s legal team has seen enough and is heading out the door.

The LinkedIn profiles of Terraform Labs general counsel, regulatory counsel, and chief corporate counsel show they are no longer working for the company.

It’s speculated that the legal team went out the doors after several reports revealed that Terraform Labs was on the verge of being sued.

With no legal team at a time when it’s needed most, Terraform Labs is possibly at the point of no return.

Cointelegraph had more detail on the story:

Many on social media called for legal action against Do Kwon, while others speculated the potential departure of the legal team could have been over concerns about money.

The ongoing saga with Terraform Labs, the blockchain developer behind Terra (LUNA), took a turn following a supposed change in employment status for many on the firm’s legal team.

According to their LinkedIn profiles, Terraform Labs general counsel Marc Goldich, chief litigation and regulatory counsel Noah Axler and chief corporate counsel Lawrence Florio have all stopped working for the blockchain firm as of May 2022. Goldich started at Terraform Labs in August 2021 while Axler and Florio joined in January 2022.

The change in employment status for three members of Terraform Labs’ legal team followed major volatility in the crypto market after the price of LUNA collapsed to $0.00 within two weeks. Stablecoins including Tether (USDT) depegged from the U.S. dollar, while the price of TerraUSD (UST) has dropped more than 88% since May 8.

Do Kwon, the co-founder of Terraform Labs, proposed a rescue plan on Wednesday in which the company’s team would mint more UST than usual. Validators for the Terra blockchain halted network activity two separate times amid extreme volatility, while Kwon later suggested users vote to fork the Terra Luna blockchain in an effort to save the ecosystem, still seemingly on a downward spiral.

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