Terraform Labs legal team has resigned after the collapse of Terra’s algorithmic stablecoin TerraUSD (UST), followed by LUNA.
The demise of the stablecoin brought chaos to the crypto market. The domino effect rapidly took down LUNA and was the catalyst for a mammoth $40bn wipe out in value.
General counsel Marc Goldisch, chief corporate counsel Lawrence Florio and regulatory counsel Noah Axler have left their positions following last week’s crash.
Although there is no official report or reason as to why the company’s attorneys left, it is thought that such a large decrease in the coins’ value gave its in house legal team no choice but to resign.
“The past week has been challenging for Terraform Labs”, said a company spokesperson. “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.”
Days after the collapse of UST and LUNA, Terra’s co-founder Do Kwon announced several proposals to move forward, intending to fork the Terra blockchain as a revival plan.
His most recent: “Terra Ecosystem Revival Plan 2”, was issued yesterday illustrating a development mining programme, project timeline and next steps. The plan also included an airdrop of 1 billion new LUNA tokens to any UST and former and current LUNA holders wiped out by the collapse.
Recently, there have been reports of suicidal investors who put their trust in the stable cryptocurrency – one that was tied to the US dollar – and lost hundreds of thousands of dollars.
In an aim to boost morale, Kwon took to Twitter to make a statement. “The Terra community is my family. I will always be here, no matter how hard it gets. Let’s build it back up again – together”, he tweeted.
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