The legal team at Terraform Labs has resigned. Marc Goldich, Lawrence Florio, and Noah Axler, all members of the Counsel team, left the firm in May, according to their LinkedIn accounts. The Block announced their departure on Tuesday.
After the collapse of the stablecoin TerraUSD, the LUNA token, and the whole Terra ecosystem last week, employees have deserted Terraform Labs, the firm behind the Terra network.
Terraform Labs has had a difficult week, according to a spokesman, and a small number of team members have departed in recent days. The great majority of team members are still fully dedicated to completing the project’s objectives. Terra is more than $UST; it has a highly dedicated community and a clear plan for rebuilding.
The resignations come after a difficult week for Terraform Labs, located in Singapore, and the blockchain it manages.
The Terra blockchain is powered by Terraform Labs, which was created by Do Kwon and Daniel Shin in 2018. Early last week, Terra’s UST, the third largest stablecoin by issue, 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.