Amid the Terra ecosystem’s problems, the legal team that brought legal support to the project left their positions. The lawful process gets led by an external lawyer backing up Terraform Labs during all the struggles derived from the crash of its two digital currencies.
What happened with Terra and its space’s digital assets has harmed investors who have lost their investment for the simple fact of owning UST and LUNA funds. This situation also seriously damaged Terraform Labs, as recent events have also caused essential team members to abandon the entity during its current struggles.
The internal legal team of Terraform Labs, a group responsible for giving legal advice and approach to the Terra work team, resigned from its position shortly after the algorithmic stable coin of the ecosystem crashed down and approached the lowest values.
The legal team Abandoned Terraform Labs
This information came from an internal source linked with what happened; highlighting that the legal team members had abandoned their positions, which is why the legal conflicts are now at an external lawyer’s hands.
The information highlighted by the source got confirmed by reviewing the LinkedIn profiles of the former members of the legal wing of Terraform Labs. Therefore, Marc Godich, Lawernce Florio, and Noah Axler have already made the respective changes in their accounts on the social network and reported who stopped working for the Terra ecosystem this month.
Let’s keep in mind that Terraform Labs is the entity created by Do Kwon and Daniel Shin in 2018, responsible for encouraging the development of the Terra Blockchain space.
The Chaos Reign in Terra
The Terra ecosystem recently became the subject of discussions within the crypto environment after the fall of its two main digital assets, the native token LUNA and the stable coin UST, the latter being more impactful for carrying out its activities under an algorithmic archetype. The currencies completely lose parity with the US dollar to crash down to lows near USD 0.11 per unit.
Even though the top team of Terra worked hard to reverse the incident and chose to sell a good part of the bitcoins that they had in their reserve, unfortunately, LUNA and UST did not react favorably amid the collective fear that invaded the market. It is important to highlight that this crash also impacted most of the leading exponents of the crypto ecosystem, which registered losses of more than 50% concerning their historical maximums.
Currently, the founder of Terra, Do Kwon, proposed to the community the possibility of making a Hard Fork and forking the network, which would create a new version that dispenses with UST and distributes the governance of the protocol among all users of the network. This alternative also states that the original version of the Blockchain will remain active but will now become Terra Classic.
By: Jenson Nuñez