According to reports, the legal functions of the Singapore-based company are being handled by an outside counsel.
The Terraform Labs legal team abandoned Terraform Labs, which many see as a sinking ship, shortly after its flagship stablecoin UST collapsed.
According to their LinkedIn profiles, Terraform’s chief corporate counsel Lawrence Florio and general counsel Marc Goldich have resigned as of May 20, 2022. The Terra community must decide whether to use the old version (LUNA Classic) or a new version, renamed LUNA. However, many have yet to express confidence in it. CZ, Binance CEO, stated that the fork would not be beneficial for the ecosystem. The exec stated that the fork would not work for the ecosystem and suggested that the supply be reduced via “burn, not fork, at an older date and abandon all those who attempted to save the coin.” Do Kwon is one of the most prominent individuals responsible for a crypto company’s sudden fall. The exec assured Terra that he would always be there, no matter how difficult it gets. However, the scandal is too large for South Korean authorities not to consider Kwon as a witness in a hearing.
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