Terra’s Legal Team Resigns in Wake of UST, LUNA Collapse

The industry-wide unrest generated by Terra’s collapse last week continues to reverberate—this time within the company’s own walls.

Terra’s in-house legal team has resigned, a Terraform Labs spokesperson confirmed to Decrypt today.

General counsel Marc Goldich, chief corporate counsel Lawrence Florio, and regulatory counsel Noah Axler all left their positions shortly after Terra’s algorithmic stablecoin UST collapsed last week, bringing Terra’s native token LUNA down with it and wiping out $40 billion in value in the process.

“The past week has been challenging for Terraform Labs, and a small number of team members resigned in recent days,” a company spokesperson said in an email. “The vast majority of team members remain steadfastly committed to carrying out the project’s mission.”

It is unclear why the attorneys resigned. None immediately responded to requests for comment from Decrypt.

In the days following the collapse of UST and LUNA, outspoken Terra co-founder Do Kwon has made multiple proposals for Terra’s path forward. The most recent, “Terra Ecosystem Revival Plan 2,” debuted yesterday and involves dispensing of UST permanently, and splitting—aka forking—LUNA into the old, currently worthless coin, “LUNA Classic” (LUNC), and a new version of the coin re-dubbed LUNA. The plan includes an airdrop of 1 billion new LUNA tokens to former UST and LUNA holders who got wiped out, and to current LUNA holders.

Pitching the proposal on Twitter yesterday, Kwon emphasized that “the Terra community is my family.” He went on to tweet: “I will always be here, no matter how hard it gets.”

That family just got a little smaller.