Terra (LUNA) in distress (-100%): its lawyers throw in the towel and resign

Enough is enough ! – Although rescue plans of the last chance are imagined to save what remains of Terra (LUNA) and its stablecoin UST, this seems far from convincing everyone. In any case, the project’s legal team decided to leave the ship lost, as we shall see.

Cascading resignations

Since May 9, 2022, the stablecoin TerraUSD (UST) lost its peg to the US dollar. This had the effect of dragging down the token LUNA. Although the Luna Foundation Guard (LFG) ait emptied his $3 billion worth of Bitcoin reserve, nothing has been done so far to raise the bar.

A situation that has discouraged totally certain, including notoriously the members of the legal team of Terraform Labs. As reported in particular by The Block, a small cascade of resignations indeed followed the crash of Terra.

>> Before asking your “dem”, make a stock of cryptos on Binance(affiliate link) <<

Terra lawyers leave without looking back

We thus learn that Marc GoldichGeneral Counsel, Lawrence FlorioChief Counsel, and noah axlerChief Litigation and Regulatory Counsel, all three stopped working for Terraform Labs.

“Last week was tough for Terraform Labs. A small number of team members resigned in recent days. (…) The vast majority of employees remain resolutely committed to achieving the project’s mission. Terra is more than UST, with an incredibly passionate community and a clear vision on how to rebuild. We are now focused on executing our plan to revive the Terra ecosystem. »

Spokesperson for Terraform Labs, quoted by The Block

Employees of the Terra network development company are not not the only ones to be depressed by the catastrophic situation of UST and LUNA. Some harmed investorswho sometimes find themselves ruined, even go until you come knocking on Do Kwon’s door (co-founder of Terra) for explanations.

Luna is devastated. Will Do Kwon be able to save his project? Only the future will tell us. Waiting, run sign up on BinanceTHE absolute benchmark for crypto platforms (affiliate link).

Leave a Comment