Terra (Luna) legal team resigns after UST . collapse

Despite a recently released land reclamation plan (Luna), the project continues to experience internal issues, mainly with the departure of key components of the Terraforms team, including the departure of all members of the legal team, as a result of the wave started with the collapse of the UST.

The in-house legal team of the Terraform Labs project resigned shortly after the collapse of the Terra USD (UST) stablecoin, which many believe was the main reason for a sudden decline in cryptocurrencies.

According to sources familiar with the case, the legal portion of the business is performed by an outsourced council hired to handle the operations.

On LinkedIn you can see that the profiles of Marc Goldichhead of the Terraform Judicial Council, Lauren Florio, head of the board of directors and Noah Axler, chief of litigation and member of the supervisory board, reveal that the three retired from work at the company in May. All had worked in the company for less than a year.

A Terraform Labs spokesperson also spoke about the situation, stating that a group of people left the company during this very difficult time. However, he also states that many members in key positions continue to share the project’s mission and are committed to the community.

“The past week has been challenging for Terraform Labs and a small group of team members have resigned in the past few days. The vast majority of members remain committed to the project’s mission. Terra is more than the UST, with an incredibly passionate community and a clear vision of how to rebuild. Our focus is now on executing our plan to revitalize the Earth’s ecosystem,” the spokesperson said.

Delicate moment for Terraform Labs

The departure of the Terraform Labs legal team comes at a time when the project needs all the help it needs to gain as much trust as possible from old and new investors for a chance to regain some of what it was.

The plan announced by the team, which involves a fork of the network and a redistribution of the coins, has even received support from big names in the industry, such as Vitalik Buterin and the CEO of Binance, but with some caveats.

It’s worth noting that, rather than just disappearing, Do Kwon, the project’s creator, and the Terraform Labs team seem to be trying to recoup the damage for now.