Terra’s collapse last week sent the top three of its in-house lawyers to resign.
The past event indeed sparked industry-wide anger, but that anger also reverberated inside the company’s walls. A Terraform Labs spokeswoman verified in various press stories today that Terra’s in-house legal staff had quit.
Leaving the beleaguered company
The company’s top three senior in-house lawyers have left the troubled cryptocurrency firm.
General counsel Marc Goldich, top corporate counsel Lawrence Florio, and regulatory counsel Noah Axler resigned immediately after Terra’s algorithmic stablecoin UST failed last week, carrying Terra’s native token LUNA with it wiping approximately $40 billion in value, the company’s representative revealed.
Meanwhile, last week’s events have been hard for Terraform Labs. An email from the company’s representative said a few of its team members quit in recent days.
“However, most team members remain dedicated to achieving the project’s objectives,” the same source said in various news reports.
However, the reasons why the lawyers quit were still unknown, and none immediately commented or shed light on this matter.
‘Terra Ecosystem Revival Plan 2’
Outspoken Terra co-founder Do Kwon has offered various ideas for Terra’s future route in the days after the collapse of UST and LUNA. The most recent is his “Terra Ecosystem Revival Plan 2,” which they announced yesterday.
The Revival Plan 2 entails permanently dispensing UST and separating LUNA into the old, now worthless “LUNA Classic” (LUNC) and a new version renamed LUNA.
Former UST and LUNA holders who were wiped out and current LUNA holders will get 1 billion new LUNA tokens as part of the proposal.
Kwon emphasized that “the Terra community is my family” while pitching the notion on Twitter yesterday.
“I will always be here, no matter how hard it gets,” he continued on Twitter. Unfortunately, however, this family just shrunk somewhat.