News

Terraform Labs’ Legal Staff Resigns After The UST Crash

Terraform Labs’ in-house legal staff left shortly after the collapse of Terra’s algorithmic stablecoin wreaked havoc on cryptocurrency markets.

Terraform Labs’ Legal Staff Resigns After The UST Crash

To help with legal issues, the Singapore-based corporation has hired outside counsel.

Terraform Labs’ general counsel Marc Goldich, chief corporate counsel Lawrence Florio, and chief litigation and regulatory counsel Noah Axler all left the firm in May after less than a year on the job, according to their LinkedIn accounts.

A spokesperson for the company said:

“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. Terra is more than UST, with an incredibly passionate community and a clear vision on how to rebuild. Our focus is now on executing our plan to revive the Terra ecosystem.”

The resignations come after a difficult week for Terraform Labs, based in Singapore, and the blockchain it manages.

Terraform Labs’ Legal Staff Resigns After The UST Crash

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 issuance, de-pegged substantially from its target price of $1. In a desperate attempt to reestablish the peg, billions of dollars in bitcoin were sold and enormous numbers of Terra’s native currency LUNA were created, but to no effect.

Both LUNA and UST saw their prices plummet. Terra’s blockchain has been shut down twice, resulting in significant losses for investors.

Kwon has been supporting a plan to fork Terra to build a new blockchain in the aftermath of last week’s upheaval, but the community appears to be opposed to the notion.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News

Victor

Recent Posts

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

46 minutes ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

2 hours ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

3 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

3 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

3 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

4 hours ago

This website uses cookies.