Three of the most prominent in-house lawyers have resigned from the crypto company.
The industry-wide turmoil caused by Terra’s collapse last Wednesday continues to reverberate, but this time it is within the company’s walls.
Terra’s legal team has resigned. A Terraform Labs spokesperson confirmed this to Decrypt today.
Marc Goldich, chief corporate counsel Lawrence Florio and Noah Axler, regulatory counsel, all resigned shortly after Terra’s algorithmic stabilitycoin UST crashed last week. This brought Terra’s native token LUNA with it and wiped out $40 billion in value.
A company spokesperson stated in an email that “the past week has been difficult for Terraform Labs” and that a few team members have resigned. “The vast majority (of the team) remain committed to the project’s success.”
It is not clear why the lawyers resigned. None of the attorneys immediately replied to Decrypt’s requests for comment.
Do Kwon, Terra founder and outspoken co-founder, made several proposals to Terra for Terra’s future in the wake of UST/LUNA’s collapse. The latest, “Terra Ecosystem Revival Plan 2”, was launched yesterday. It involves permanently dispensing UST and splitting–aka forking -LUNA into an old, worthless coin called “LUNA Classic” or LUNC, as well as a new version of this coin renamed LUNA. This plan provides an opportunity to airdrop 1 billion new LUNA tokens for former UST and LUNA holders and current LUNA owners.
Kwon proposed the idea yesterday via Twitter. He stressed that the Terra community was his family and said, “I will always stay here, no matter what it gets.”