Terraform Labs legal team resigned following the crash of algorithmic stablecoin UST.
According to The Block’s report, legal proceedings will now be managed by an outside lawyer.
The LinkedIn profiles of Terraform Labs general counsel Marc Goldich, chief corporate counsel Lawrence Florio, and chief litigation and regulatory counsel Noah Axler show that all three stopped working for the company in May.
A spokesperson for the company said:
“The past week has been tough for Terraform Labs, and some team members have resigned in the last few days.
The majority of team members are committed to fulfilling the mission of the project. Terra is more than just UST, with an incredibly passionate community and a clear vision for how to build it. Our focus now is to implement our plan to revitalize the Terra ecosystem”
The news of their resignation comes after a devastating week for the Terra blockchain.
Do Kwon announced that they wanted to fork Terra after the chaos. However, the community doesn’t seem to like the idea for now.
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