Reports suggest that the Singapore-based company’s legal operations are now being managed by an outside lawyer.
Shortly after the collapse of its flagship stablecoin UST, the legal team behind the handling of Terraform Labs left a sinking ship.
- According to their LinkedIn profile, TerraForm’s chief corporate attorney Lawrence Florio, general counsel Mark Goldich, and regulatory counsel Noah Axler have all left as of May 2022.
- The past few weeks have been extremely tumultuous for the Terra ecosystem, as the price of its native LUNA token dropped to $0.00 as a result of the UST algorithmic stablecoin losing its peg.
- The departure of three lawyers from the troubled company comes at a time when its co-founder, Do Kwon, has made several proposals to revive the fallen blockchain.
- More recently, Kwon came With “Terra Ecosystem Revival Plan 2”, which includes forking LUNA. The old one would be called the “Luna Classic” (LUNC), and a newer version of the coin would be re-dubbed LUNA.
- The Terra community is yet to take a decision by May 18, but not many have shown faith in it yet. Binance CEO CZ insisted that the fork would not work for the ecosystem. Instead, the exec stated that “the supplies should be burned, not forked into the old date, and everyone trying to save the coin should be spared.”
- Do Kwon, for one, has emerged as one of the most infamous individuals behind a crypto firm that has seen such a sudden decline. while the execution is blessed Assurance The community that he will always be there for Terra, “no matter how difficult”, is a big nuisance for South Korean officials over who can call Kwon to testify at the hearing.
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