Legal team at Terraform Labs resigned shortly after the collapse of TerraUSD (UST)

The internal legal team at Terraform Labs resigned shortly after the collapse of the Terra algorithmic stablecoin caused havoc in the crypto market.

Terraform Labs’ legal team resigns after UST collapse

The legal operations are currently being handled by outside attorneys. The LinkedIn profiles of Marc Goldich, chief counsel of Terraform Labs, chief corporate counsel Lawrence Florio, and chief legal and litigation attorney Noah Axler show all three ceased their employment with the company in May — all even after less than a year at the company.

“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 of how to rebuild. Our focus is now on executing our plan to revive the Terra ecosystem.”

Terraform Labs, founded by Do Kwon and Daniel Shin in 2018, is the driving force behind the Terra blockchain. Terra’s UST, the third-largest stablecoin released, has fallen sharply from its $1 target price early last week. Billions of dollars of BTC have been sold, and unprecedented volumes of Terra’s native currency released in a frantic attempt to restore the peg, but to no avail.

The prices of both LUNA and UST fell. Terra has halted its blockchain twice, and investors have suffered heavy losses. Amid last week’s turmoil, Kwon has been pushing ahead with plans to fork Terra to create a new blockchain – but the community seems to be against the idea.

Goldich, Florio, and Axler have been contacted for comment but did not respond.

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