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Seeking Alpha 2022-05-17 19:33:39

Terraform Lab's legal team quits after UST, LUNA meltdown

Shortly after the debacle of cryptocurrency LUNA (LUNA-USD) and algorithmic stablecoin TerraUST (UST-USD), Singapore-based Terraform Labs' legal team has resigned. Moreover, counsel team members Marc Goldich, Lawrence Florio and Noah Axler all fled from Terraform, the company behind UST and LUNA, this month, as seen in their LinkedIn profiles Tuesday. As a result, legal matters are now being dealt with by outside counsel, a person with knowledge on the matter told The Block Tuesday. “The past week has been challenging for Terraform Labs, and a small number of team members resigned in recent days,” a spokesperson for the company told The Block. Nevertheless, "our focus is now on executing our plan to revive the Terra ecosystem.” Earlier, Bill Ackman likened Terra's algorithm to a crypto version of a pyramid scheme.

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