Three members of Terraform Labs’ legal team have left the company, according to their Linkedin profiles that show their departure from the firm this month. The resignation of the company’s in-house litigation, regulatory, general, and corporate counsel members follow the project’s fallout last week as the blockchain’s native crypto assets dropped significantly in value.
The Linkedin Profiles show 3 legal counsel members who ended their relationships with Terraform Labs May 2022
Once again, the crypto community is throwing the spotlight on the Terra blockchain fiasco, as the project’s in-house legal team seems to have left the company Terraform Labs (TFL) unexpectedly. That’s according to three individual profiles on Linkedin that show Noah Axler, Lawrence Florio, and Marc Goldich left in May. Terra, once a major multi-billion dollar project, was sold to TFL for millions of dollars by prominent investors. Blockchain projects that deal with global regulators often employ an in-house lawyer.
Axler’s Linkedin profile indicates that his title was “chief litigation and regulatory counsel” for TFL. Between January this year and March of this month (a total of five monthly), he worked full time for TFL. Goldich’s Linkedin profile explains that his title was “general counsel” and he worked for TFL for ten months. Florio was dubbed TFL’s “chief corporate counsel” and he worked from January to May as well.
This news shocked the crypto community. trending conversationvia social media and on crypto-related forum. Stacy Herbert, Bitcoin advocate and blogger, posted about Terra on Tuesday. “Terraform Labs legal team resigns,” Herbert said. “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).”
Axler’s and Goldich’s profiles further show the duo worked for the blockchain platform Lawcoin. The project is described as “the world’s first blockchain platform for investing in legal claims and social justice crowdfunding.” Some digital currency users mocked TFL’s in-house legal counsel members for leaving, while others appreciated the litigation team’s moves.
“Two points,” one individual tweeted. “Massive respect to these guys. This signals just how incredibly f***ing rotten Do Kwon [and]The TFL is. That is all.”
This news comes after Do Kwon published a fork plan that seeks to revive the defunct project. The proposal dubbed “Terra Ecosystem Revival Plan 2,” will be voted on Wednesday, May 18. Some liked the idea for a Terra Ecosystem Revival Plan 2 and an airdrop. However, some others hated it. Many people are urging TFL and other organizations to destroy any remaining LUNA.
Tuesday’s news about the resignation of an in-house team of lawyers was another blow to the failed project, and it served as a disincentive from its successful revival. An individual on Twitter called “Metaverse Lawyer,” tweeted:
When an entire legal department leaves, you know that things are not going well.
What do you think about Terraform Labs’ legal team leaving the organization abruptly? Please comment below to let us know your thoughts on this topic.
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