Team members leaving the company
Legal operations are now handled by outside lawyers, according to a recent narrative by The Block. The LinkedIn profiles of Terraform Labs General Counsel Marc Goldich, Chief Legal and Regulatory Counsel Noah Axler, and Chief Corporate Counsel Lawrence Florio reveal that the three left the company in May after less than a year of employment.
An anonymous company spokesperson said the past week had been difficult for the company, with some team members quitting in recent days. He went on to say:
“The vast majority of team members remain fully committed to completing the project’s mission. Terra is more than UST, with an incredibly passionate community and a clear vision of how to rebuild. We are now focused on executing our plan to relaunch the Terra ecosystem.
Devastating week for Terraform Labs
Notably, news of the resignation came after a devastating week for Terraform Labs and its community. Terraform Labs, founded by Do Kwon and Daniel Shin, powers Terra Blockchain. Terra’s UST, the show’s third-largest stablecoin, failed to perform as expected, burning its investors’ assets to ashes.
In a frantic attempt to bring back the peg, billions of dollars in bitcoins were sold and Terra’s native currency, LUNA, was created in massive quantities, but it was too late for these measures to fix the problem. In contrast, LUNA fell over 99% last week, after which Luna Foundation Guard decided to compensate its holders with token airdrops.
Tuesday, Kwon suggested a way forward for his community. His team plans to fork Terra to create a new blockchain without the UST and aims to make LUNA the cryptocurrency of the new chain.
1/ Terra is more than US$
— Do Kwon 🌕 (@stablekwon) May 16, 2022