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.
Linkedin Profiles Show 3 Legal Counsel Members Ended Their Relationship With Terraform Labs in May 2022
The crypto community is once again 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 was once a leading multi-billion-dollar project, and TFL raised millions from prominent investors. An in-house lawyer or legal team is common among blockchain projects dealing with global regulators.
Axler’s Linkedin profile indicates that his title was “chief litigation and regulatory counsel” for TFL. He worked full-time for TFL, between January of this year and this month, or a total of five months. 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.
The news rattled the crypto community and it became a trending conversation on social media and crypto-related forums. Bitcoin advocate Stacy Herbert tweeted about the latest Terra situation 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] TFL are. That is all.”
The news follows the recent fork plan published by Do Kwon that aims to revive the fallen project from the ashes. The proposal dubbed “Terra Ecosystem Revival Plan 2,” will be voted on Wednesday, May 18. While some people liked the idea of a new Terra chain and an airdrop, others loathed the idea and people have been urging TFL to burn the remaining LUNA.
The news on Tuesday about the in-house legal team leaving was considered another blow to the fallen project and a deterent from a successful revival. An individual on Twitter called “Metaverse Lawyer,” tweeted:
You know things are bad when an entire in-house legal team resigns at once.
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