The legal team of embattled crypto firm Terraform Labs has quit, reported CoinDesk referring to the counsel members’ LinkedIn accounts.
Marc Goldich, Lawrence Florio, and Noah Axler all mentioned on their profiles that they worked with the company only until May 2022. The Block – which reported the development yesterday – said that the Singapore-based firm’s legal operations are now under the mantle of outside counsel.
“The vast majority of team members remain steadfastly committed to carrying out the project’s mission,” a representative from Terraform Labs told CoinDesk.
This is the latest blow to Terraform Labs, which earlier found its cryptocurrency value crash overnight. The firm’s founder recently proposed to fork the Terra blockchain and create new coins. This would leave behind the firm’s stablecoin (UST) and Luna (the firm’s native token), which will be renamed Terra Classic and Luna Classic if the proposal is approved.
Editing by Miguel Cordon and Jaclyn Tiu
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