Terra’s . industry-wide unrest caused by fall last week The buzz continues—this time within the company’s own walls.
Terra’s internal legal team has resigned, TerraForm Labs spokesperson confirms decrypt today.
General Counsel Mark Goldich, Chief Corporate Counsel Lawrence Florio, and regulatory counsel Noah Axler all stepped down shortly after Terra’s algorithmic stablecoin UST. collapsed last weekTerra’s Local Token Is Bringing LUNA down with And wiped out $40 billion in value in the process.
“The past week has been challenging for TerraForm Labs, and some team members have resigned in recent days,” a company spokesperson said in an email. “Most of the team members are consistently committed to fulfilling the mission of the project.”
It is not clear why the lawyers resigned. No one immediately responded to requests for comment from Decrypt.
In the days following the collapse of UST and Luna, Terra co-founder Do Kwon has made several proposals for Terra going forward. Most recently, “Terra Ecosystem Revival Plan 2,” started yesterday and permanently distributing the UST, and splitting—aka forking—Luna to the old, currently worthless coin, the “Luna Classic” (LUNC), and repurposing a new version of the coin into Luna. The scheme includes 1 billion new LUNA tokens for former UST and LUNA holders that have been liquidated, and for current LUNA holders.
Presenting the proposal on Twitter yesterday, Kwon insisted that “the Terra community is my family.” He tweeted: “I will always be here, no matter how difficult it is.”
That family just got a little smaller.
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