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Save yourself if you can - Legal Department of Terra (LUNA) abandons the sinking ship

 


The drama surrounding the cryptocurrency Terra ( LUNA ) and its operator Terraform Labs is entering the next round, as the senior heads of the blockchain company's legal department have now parted ways.


As indicated by the respective attorneys' profiles on the LinkedIn careers network, General Counsel Marc Goldich, Noah Axler , Senior Legal Counsel, and Lawrence Florio , Senior Legal Counsel, all retired from Terraform Labs as of May 2022. Goldich has been working on the blockchain project since August 2021, while Axler and Florio only joined in January 2022.


The departures of the three chief executives from Terra's legal department comes only briefly after the proprietary cryptocurrency LUNA crashed to near $0.00 with much publicity over the past two weeks. The trigger for this was the associated stablecoin TerraUSD (UST), which had started the stumbling block with its decoupling from the US dollar.


Managing Director Do Kwon has meanwhile presented a rescue plan that stipulates that Terraform Labs will immediately start mining more UST than usual, but in the course of these rescue attempts the Terra blockchain was temporarily stopped twice , which only caused further uncertainty . Kwon is now proposing that there should be a hard fork of the Terra blockchain to revive the project.


Even before the three lawyers could leave the sinking ship, calls for legal action against Kwon were heard in the crypto community, as a large number of investors and investors suffered massive losses as a result of the sudden crash. So far it is unclear whether the departures are due to the resulting pressure or whether the lawyers see themselves in a moral dilemma that they can no longer resolve.



If the resignations are related to the crash in proprietary cryptocurrencies, the three legal experts wouldn't be the first crypto industry executives to flee when the going gets tough. As recently as December 2021, Joseph Delong had resigned as CTO at SushiSwap after "chaos" broke out in the management of the project.

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