Three members of Terraform Labs’ legal team left the company this month, according to their Linkedin profiles. The resignations of the company’s in-house litigation, regulatory, general and corporate law attorneys followed last week’s collapse of the project, which saw the blockchain’s native crypto-assets plummet in value.
Linkedin profiles show that 3 members of the Legal Council terminated their relationship with Terraform Labs in May 2022
The cryptocurrency community is once again rivetedto the Terra blockchain fiasco, as the project’s internal legal team appears to have unexpectedly left Terraform Labs (TFL). This appears to be the case, judging by the three individual profiles on Linkedin. Noah Axler, Lawrence Florio24} and; Mark Goldichleft in May; Terra was once a leading multi-billion dollar project; and TFL has raised millions of dollars from prominent investors. In-house lawyers and legal teams are commonplace for blockchain projects dealing with global regulators.
Axler’s Linkedin profile states that he is “TFL’s chief litigation and administrative lawyer.” He worked full-time for TFL from January of this year to the current month, a total of five months; Goldich’s Linkedin profile explains that his position is “legal counsel” and that he has been with TFL for 10 months; Florio is “TFL. General Corporate Counsel” and also worked there from January to May. {The news shocked the cryptocurrency community and became a trend on social media and cryptocurrency forums. Bitcoin advocate Stacey Herbert tweeted Tuesday about the latest Terra situation.” Terraform Labs’ legal team has resigned,” Herbert said. “. There’s nothing they can do (they were nowhere to be found) when the CEO won’t stop emailing the whales with ridiculous ‘bailout’ plans and then tweeting as if those proposals have already been implemented.”
Axler and Goldich’s profile further indicates that the duo worked on the blockchain platform Lawcoin. The project is described as “the world’s first blockchain platform for investing in lawsuits and social justice crowdfunding.” Some digital currency users
ridiculed
. While some mocked the departure of one of TFL’s internal legal team members, others praised the actions of the litigation team.
“Two points,” one person wrote on Twitter I have tremendous respect for these people. It shows how incredibly corrupt Do Kwon (and) the TFL are. That’s it.”
This news follows Do Kwon’s recent announcement of a forked plan to raise dead projects from the ashes; the proposal, called Terra Ecosystem Revival Plan 2, will come up for a vote Wednesday, May 18. The vote is expected to take place Wednesday, May 18. While some people like the idea of a new Terra chain and airdrop, others don’t like the idea, and people are calling for TFL to burn the remaining LUNAs.
The news of the departure of the in-house legal team on Tuesday was seen as another blow to a failed project and a deterrent to a successful revival. One person on Twitter under the nickname ‘Metaverse Lawyer’ wrote:
You know things get worse when the entire in-house legal team gets fired all at once.
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