The industry-wide unrest sparked by Terra’s collapse last week is resonating within the company’s own walls, this time around.
Terra’s internal legal team has resigned, a TerraForm Labs spokesperson confirmed to Decrypt today.
General Counsel Mark Goldich, Chief Corporate Counsel Lawrence Florio, and regulatory counsel Noah Axler stepped down shortly after Terra’s algorithmic stablecoin UST collapsed last week, bringing down Terra’s native token LUNA and in the process. $40 billion in value was wiped out.
“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. The most recent, “Terra Ecosystem Revival Plan 2”, debuted yesterday and includes the distribution of UST permanently, and splitting—aka forking—Luna to older, currently worthless coins, the “Luna Classic” (LUNC), and A new version is included. The coin was re-dubbed 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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