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Terraform Labs’ Legal Team Members Resign! Here’s Why

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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May 19, 2022

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Terraform Labs’ in-house legal staff left shortly after the failure of Terra’s algorithmic stablecoin wreaked havoc on cryptocurrency markets. Both LUNA and UST saw their prices plummet. Terra’s blockchain has been shut down twice, resulting in significant losses for investors. According to reports, the Singapore-based firm’s legal functions are now handled by outside counsel.

Three members of Terraform Labs’ legal staff have left the company this month according to their Linkedin accounts. The company’s in-house legal, regulatory, general, and corporate counsel members resigned following the project’s collapse last week when the blockchain’s native crypto-assets lost a considerable amount of value.

The crypto world shocker!

The Terra blockchain is receiving renewed attention from the crypto world, as the project’s in-house legal staff appears to have abruptly quit Terraform Labs (TFL). 

According to three separate Linkedin pages, Noah Axler, Lawrence Florio, and Marc Goldich all left in May. Terra was originally a major multibillion-dollar project, and TFL received millions in funding from well-known investors. Blockchain projects working with international regulators frequently employ an in-house lawyer or legal team.

The news shook the crypto world, and it quickly became a hot topic on social media and in crypto-related forums. 

The news comes on the heels of Do Kwon’s latest fork plan, which promises to resurrect the enterprise from the ashes. The “Terra Ecosystem Revival Plan 2” proposal will be voted on Wednesday, May 18. While some individuals were excited at the prospect of a new Terra chain and an airdrop, others were not, and TFL has been urged to destroy the remaining LUNA.

The Terra blockchain is powered by Terraform Labs, which was founded by Do Kwon and Daniel Shin in 2018. Early last week, Terra’s UST, the third-largest stablecoin by the issuance, de-pegged substantially from its target price of $1.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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