The crypto market unrest caused by Terra’s downfall last week is now reverberating, this time within the company’s own walls.
Terra’s in-house legal staff has left, and outside counsel now manages all legal matters. In addition, counsel team members Marc Goldich, Noah Axler, and Lawrence Florio all left the business in May, all after less than a year. Their LinkedIn accounts verified that they had left the organization.
Terraform Labs co-founder Do Kwon offered a rescue plan in which the company’s crew will mint extra UST than usual. Validators for the Terra blockchain paused network activity twice in response to excessive volatility. At the same time, Kwon later urged that users vote to fork the Terra Luna blockchain in an effort to salvage the ecosystem, which appears to be on a downward spiral.
On Monday, Kwon pitched the idea on Twitter, stressing that “the Terra community is my family.” He said, “I will always be around, no matter how difficult it gets.”
Even before most of Terraform Labs’ lawyers seemed to abandon relations with the company, many cryptocurrency users, who were most likely facing big losses, advocated for legal proceedings against Kwon. Others argued that Goldich, Axler, and Florio’s prospective departure may have been the consequence of a moral quandary while defending Terraform Labs or worries about where their next salary would come from.
“The past week has been difficult for Terraform Labs, and a small number of team members have quit in recent days,” stated a business spokeswoman. “A significant proportion of team members stays steadfastly committed to the project’s goal.” Terra is far more than UST, with a dedicated community and a well-defined rebuilding strategy. Our attention is now focused on carrying out our strategy to restore the Terra environment.”
However, the legal staff would not be the first to depart a clearly sinking ship in the crypto market. SushiSwap chief technical officer Joseph Delong quit in December 2021, alleging “chaos” in the operation of the decentralized exchange.
Our aim is to chase the future, innovations, and the latest trends of all things tech. We love to interact with industry experts, understand their diverse and unique perspectives, and spread their ideas.