05-18-2022 icon

Terraform Labs’ legal team resigns following LUNA, UST crash

By Lucy Adegbe

The legal team of Terraform Labs have resigned following the infamous 99.9% crash of LUNA, the native token of the Terra blockchain and de-pegging of UST, Terra’s stablecoin.

The Block had reported that the council members all stopped working this month as suggested by their LinkedIn profiles. Those who resigned include Marc Goldich, Lawrence Florio and Noah Axler.

Besides the legal team, other employees took to their heels when the company’s coins crashed. However, other members of staff remain dedicated to the “new” vision of the company.

One of Terraform’s spokesperson told CoinDesk:

“The past week has been challenging for Terraform Labs, and a small number of team members resigned in recent days. The vast majority of team members remain steadfastly committed to carrying out the project’s mission. Terra is more than $UST, with an incredibly passionate community and a clear vision on how to rebuild. Our focus is now on executing our plan to revive the Terra ecosystem,”

LUNA traded at $120 mid-April and at $62 in the second week of May. However, the coin quickly crashed to a few pennies 2 days later. Its stablecoin also lost its dollar peg and tanked down to 22 cents, instead of the usual $1.

Even though the organization had halted its blockchain twice at different times, both coins continued to fall freely.