Following the unfortunate event with Terraform Labs, the blockchain developer behind Terra (LUNA), three of its legal team members have left the company. The move has sparked up various conversations among crypto users.
According to their LinkedIn profiles, terraform Lab’s general lawyer Marc Goldich, Chief litigation and regulatory counsel officer Noah Axler, and chief corporate counsel Lawrence Florio all left the blockchain business in May 2022. Axler and Florio joined Terraform Labs in January 2022, while Goldich started in August 2021.
The change in employment status for three members of Terraform Labs’ legal staff came amid severe market volatility, with the price of LUNA plummeting to $0.00 in less than two weeks.
Tether (USDT) and TerraUSD (UST) depegged from the US dollar, while the price of Tether (USDT) has declined by more than 88 percent since May 8.
On Wednesday, Terra Luna’s co-founder Do Kwon offered a rescue plan in which the company’s crew will mint more UST than usual.
Validators for the Terra blockchain paused network activity twice due to excessive volatility, and Kwon later advised that users vote to fork the Terra Luna blockchain in an attempt to salvage the ecosystem, which was still on the verge of collapse.
Many crypto users, possibly experiencing significant losses, advocated for legal action against Kwon even before some Terraform Labs’ lawyers reportedly terminated connections with the firm.
Others claimed that Goldich, Axler, and Florio’s possible resignation was due to a moral issue while defending Terraform Labs, or concerns about where their next salary would come from.
The legal staff would not be the first in the crypto world to flee a sinking ship if their departure was related to concerns about the LUNA and UST crashes.
SushiSwap’s chief technology officer, Joseph Delong, resigned in December 2021, claiming “chaos” in the decentralized exchange’s operations.