Terraform Labs’ legal staff resigns after the collapse of UST
As a result of the failure of Terraform Lab’s algorithmic stablecoin, Terraform’s in-house legal team decided to leave the company.
According to a source with knowledge of the situation, outside legal counsel is now in charge of legal activities.
For the last year, Marc Goldich served as Terraform Labs’ executive vice president of legal affairs; Lawrence Florio served as the company’s senior corporate counsel; and Noah Axler served as its chief litigation and regulatory counsel.
As a result of the difficulties Terraform Labs has been experiencing lately, a small number of its employees have recently quit, according to a spokeswoman for the firm. Most of the team members are resolute in their commitment to the project’s goals.” Terra is more than just UST; it’s a community united by a strong sense of purpose and a plan for how to go forward. Now that we’ve laid out our strategy, we’re focusing on putting it into action.”
Terraform Labs, a Singapore-based company that manages the Terraform blockchain, has had a rough week.
Terraform Labs, created in 2018 by Do Kwon and Daniel Shin, is responsible for the Terra blockchain. Early this week, Terra’s UST, the third-largest stablecoin by issue, fell drastically from its goal price of one dollar to $0.0125. In a desperate effort to reestablish the peg, billions of dollars in bitcoin were sold and huge numbers of Terra’s native currency LUNA were produced.
Both LUNA and UST’s prices fell. Investors lost a significant amount of money when Terra twice suspended its blockchain.
Forking Terra to make way for another blockchain has been promoted by Kwon in the aftermath of last week’s upheaval, but the community seems to be opposed. Press inquiries to Goldich, Florio, and Axler went unanswered.