One of the things you probably do not want to happen during probably the biggest crisis in the crypto world is that your legal team up and quits on you. And yet, that is exactly what Terraform Labs legal team has done.
All abandon ship, they yell as they jump for the lifeboats
So the Terraform Labs legal team has just quit. This happened just shortly after the crash had started. According to the team's Linkedin profiles they may have quit as early as Tuesday, May 10th. I was not able to verify this tho, as all of the team members only list May as their exiting date.
The legal council consisted of three members; Marc Goldich, Lawrence Florio and Noah Axler. And having all three of them up and quit, at the same time. I would personally take it as a sign of serious problems. There appear to have been no public statement made from either the team or Terraform Labs regarding their exit.
Several other employees reportedly also have been leaving the Terraform Labs. And they have made a public statement with regards to that. So I can only speculate that they have included the legal team in the "small" in their statement.
The past week has been challenging for Terraform Labs, and a small number of team members resigned in recent days. The vast majority of team members remain steadfastly committed to carrying out the project’s mission. Terra is more than $UST, with an incredibly passionate community and a clear vision on how to rebuild. Our focus is now on executing our plan to revive the Terra ecosystem -a Terraform Labs spokesperson
Can the ship be rightened, and more importantly keep sailing?
Something has to happen, as it is now the Terraform Labs ship is taking in water and everyone appears to be leaving. This being developers, even if only in "small numbers", the entire legal counsel or projects leave the blockchain for the competitors. At this rate, there might not even be anything left in a couple of days to save.
Terraform Labs legal team abandoned ship earlier this May
And Do Kwon's wishful proposal of a hard fork to LUNA that magically would fix everything. And reset the timeline back to before the depegging. Well, the community has spoken. 90% of the preliminary votes so far have rejected it. So it appears that faith in the all mighty Kwon is veining. And I can't really fault the community for their frustration with the proposal put forth by Do Kwon.
But it will be interesting to see what proposals do get put forth by the community. So far what I have been able to see appears to be the proposal I reported on earlier. Where they will try and make as many smallholders of UST whole again as possible. The proposal does appear to have been altered slightly from its initial form. To allow for some compensation to go to the whales as well.
But this is mainly because this proposal has been reported on by several YouTubers. And as far as I can tell they have a horse in the race and would them selfs benefit the most from this type of proposal. Not saying that that makes the proposal bad. Just that the reposting may be in favor of it because of that fact.
What are your thoughts on this whole mess Terraform Labs have gotten themselves into? Is it possible for anything to be saved? Or should we just move on and try to rebuild something new entirely? Share your thoughts on this and the whole LUNA situation down in the comments.
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