Terraform Labs, the blockchain developer at the heart of LUNA (Terra), has taken a step forward following a rumored change in employment positions for key members of the company's legal team.
According to their LinkedIn accounts, Marc Goldich (Terraform Labs' general lawyer), Noah Axler (the regulatory counsel), and Lawrence Florio (the chief corporate counsel) all left the blockchain platform in May of this year.
Goldich joined Terraform Labs in August of the previous year, while Florio and Axler joined in January of 2022. The change in employment for three Terraform Labs legal group members came as a result of the significant volatility that happened in the cryptocurrency market following the collapse of LUNA's price to $0.00 in just a few weeks.
It has been revealed that stablecoins have been de-pegged from the US dollar, while UST (TerraUSDvalue )'s has fallen by over 88% since May 8. On Wednesday, Terraform Labs co-founder Do Kwon proposed a liberation strategy in which the company's team will mint more UST than usual.
The Terra blockchain's validators halted network operations twice during periods of high volatility, and Kwon later advised users to vote for the Terra Luna blockchain in an effort to secure the ecosystem, which appears to be in a downward spiral. Several crypto customers, who may have suffered significant losses as a result of Terraform Labs' apparent severance of its ties, urged legal action to address Kwon.
The rest of them speculated that Florio, Axler, and Goldich's impending departure was due to an ethical quandary of being protective for Terraform Labs, or concerns about the entities that would give them with the next income. Terraform Labs' legal team may have witnessed something that they were unable to manage, therefore they left. The platform's lawyers announced their resignation on LinkedIn ahead of time.
If the resignation is due to concerns about UST and LUNA's demise, the legal organization would not be the first in the crypto industry to abandon a sinking ship. SushiSwap's technical officer, Joseph Delong, resigned in December 2021, citing the uncertainty surrounding the decentralized exchange.