Terraform's Legal Team Quits Amid Terra Stablecoin Fallout

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Terraform Labs’ legal team has resigned.

• Counsel team members Marc Goldich, Lawrence Florio and Noah Axler all stopped working at the company in May, their LinkedIn profiles showed Tuesday. The Block first reported their departure Tuesday.

• Employees have fled Terraform Labs, the company behind the Terra blockchain, after last week’s collapse of the stablecoin terraUSD, the LUNA token and the entire Terra ecosystem.

• “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," a Terraform Labs spokesperson told CoinDesk.

UPDATE (May 17, 2022, 19:13 UTC): Added comment from Terraform Labs spokesperson.