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Cryptoknowmics 2022-05-18 06:52:37

Terra’s Legal Team Resigns Following UST and LUNA Crash

Terra’s in-house legal team has resigned shortly after Terra’s algorithmic stablecoin UST collapsed last week, bringing its native token LUNA down with it and the entire Terra ecosystem. Terraform’s Legal Team Quits According to their LinkedIn profiles, Terraform Labs general counsel Marc Goldich, chief litigation and regulatory counsel Noah Axler and chief corporate counsel Lawrence Florio have all stopped working for the blockchain firm as of May 2022, all less than a year at the company. “The past week has been challenging for Terraform Labs, and a small number of team members resigned in recent days. The vast majority of team members remain steadfastly committed to carrying out the project’s mission,” a company spokesperson said in an email to a publication. This is the latest blow to Terraform Labs amid recent news of a representative from South Korea’s ruling People Power Party requesting a parliamentary hearing over the collapse of Terra’s UST stablecoin and its related LUNA cryptocurrency. Do Kwon’s Continual Attempt to Revive Terra In the days following the collapse of UST and LUNA, Terra co-founder Do Kwon has made multiple proposals for Terra’s revival plan. The most recent, “Terra Ecosystem Revival Plan 2,” involves removing UST permanently, and forking LUNA into “LUNA Classic” (LUNC), and a new version of the coin re-dubbed LUNA. The plan includes an airdrop of 1 billion new LUNA tokens to former UST and LUNA hold...

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