After a supposed change in job status for several employees of Terraform Labs’ legal team, the ongoing saga with Terraform Labs, the blockchain developer behind Terra (LUNA), took a turn.
Terraform Labs’ internal legal staff resigned shortly after Terra’s algorithmic stablecoin imploded, causing a huge blow to the broader crypto markets.
Terraform Labs’ Leave
Lawrence Florio, general counsel Marc Goldich, and regulatory counsel Noah Axler have all left the blockchain business as of May 2022, less than a week after UST fell, leading Terra’s native coin LUNA to lose $40 billion in value.
It’s unclear why the lawyers quit their employment. No one was available to remark on the issue right away.
Three employees of Terraform Labs’ legal team were fired after the cryptocurrency market saw tremendous volatility. Of course, with the price of LUNA plummeting to $0.00 in less than a week.
The Stablecoins’ Collapse
Tether (USDT) and TerraUSD (UST) are no longer in link to the US dollar. The price of Tether (USDT) has dropped by more than 90% since May 8.
Do Kwon, co-founder of Terra, has made various proposals for Terra’s future in the days following the collapse.
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