Reports suggest that the Singapore-based company’s legal functions are now being managed by outside counsel.
Shortly after the collapse of its flagship stablecoin UST, the legal team behind handling the Terraform Labs abandoned what many consider 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.
- The past few weeks have been extremely tumultuous for the Terra ecosystem after the price of its native LUNA token plummeted to $0.00 as a result of the UST algorithmic stablecoin losing its peg.
- The departure of the three lawyers from the beleaguered company comes at a time when its co-founder, Do Kwon, has made several proposals in a bid to revive the fallen blockchain.
- More recently, Kwon 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.
- The Terra community has to decide by May 18, but many are yet to show sign of confidence in it. Binance CEO CZ asserted that the fork would not work for 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, for one, has emerged as one of the most notorious individuals behind a crypto firm that witnessed such an abrupt fall. While the exec has 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.