According to their LinkedIn profiles that show their departure from the company this month, three top in-house attorneys of the Singapore-based Terraform Labs have resigned.
The last week’s cryptocurrency industry general unrest caused by the collapse of Terra’s projects is still reverberating, this time, within the walls of Terraform Labs itself as its internal legal team legal teams re-signed.
Terra’s top in-house regulatory, litigation, and corporate counsel members’ resignation came after the projects crashed last week, as the blockchain’s native cryptocurrency assets plummeted to unimaginable levels.
The ongoing drama with Terraform Labs took an unexpected turn following an alleged change in job status for several members of the company’s legal team.
Chief corporate counsel Lawrence Florio, general counsel Marc Goldich, and regulatory counsel Noah Axler have all left the company in May, within less than a year, according to their LinkedIn profiles.
Goldich’s Linkedin profile said his title was “general counsel,” and he worked for Terraform Labs (TFL) for ten months.
Axler’s Linkedin page indicates he was “chief litigation and regulatory counsel” for TFL. It also stated he worked full-time with TFL for five months from January to this month. While Lawrence was dubbed TFL’s “chief corporate counsel,” he worked for the company from January through May.
As of now, it is unknown why the attorneys left, but their resignation may be due to a recent change in work status for three members of the legal team following the significant volatility in the cryptocurrency market when the price of LUNA plunged below $0.00 last week.
On Tuesday, Stacy Herbert, the infamous Bitcoin supporter, tweeted about the current Terra challenge, saying that Terraform Labs’ legal team resigned. Herbert stated, “Nothing they can do when the CEO wouldn’t stop emailing whales with ridiculous ‘rescue’ plans and then tweeting about those proposals as if they were a done deal (they were nowhere near).”
Furthermore, a few other Terraform Labs members have also resigned, according to a representative from the company.
“The past week has been difficult for Terraform Labs, and a small number of team members have resigned in recent days,” he stated.