More unfortunate developments continue to unfold in the aftermath of the UST and LUNA crash
Following the collapse of TerraUSD (UST) and LUNA, the legal counsel team of TerraForm Labs has reportedly resigned their positions at the company.
A quick look at the LinkedIn profiles of the company’s in-house counsel, including Marc Goldich, the general counsel of Terra, chief litigation and regulatory counsel Noah Axler, as well as chief corporate counsel Lawrence Florio, show that the trio no longer work for the crypto-related company.
According to the information on their LinkedIn profiles, they stopped working at Terra this month.
Following their resignation from the company, their job responsibilities are currently being handled by counsel outside of Terra.
Other Terra Staff Still Confident in the Company’s Mission
Per the sources, a number of Terra staff have also resigned from their positions at the company following the collapse of the UST stablecoin.
However, a good number of staff are still with Terra with the belief that the company will rise from its challenges within a short time.
“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,” a spokesperson said.
Terra’s Resilience to Make Investors Whole
The incident comes less than a week after Terra’s ecosystem tokens suffered one of the biggest losses in the entire crypto market since inception, after UST lost its peg to the United States Dollar.
Since the unfortunate incident, all efforts to save cryptocurrencies from plummeting further have not yielded positive outcomes.
However, the Terra team is not giving up on investors as it continues to reiterate its commitment to make investors whole again.
Yesterday, Do Kwon, the CEO and co-founder of TerraForm Labs, noted that the firm would fork a new chain out of the existing chain in a bid to make investors whole.
So far, the idea has been supported by validators, who have indicated interest in continuing working on Terra.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
