Terra’s legal team resigned after the recent LUNA collapse as the unrest generated by the event continues to make waves on the market so let’s read more today in our latest cryptocurrency news.

The top three attorneys of Terra’s legal team decided to resign after the LUNA collapse. General counsel Marc Goldich, a chief corporate counsel Lawrance Florio and regulatory counsel Noah Azler all resigned after the UST stablecoin collapsed last week, losing its peg and bringing LUNA down with it, wiping out $40 billion in value in the process. A company spokesperson said:

“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.”

11/ TFL will be initiating a governance proposal for the network fork in the next few hours – if the proposal passes, then it will coordinate the fork with validators next Friday 05/27.

— Do Kwon 🌕 (@stablekwon) May 16, 2022

In the days after the collapse of both LUNA and UST, the co-founder of the platform Do Kwon made multiple proposals for TErra’s path forward. The recent “Terra Ecosystem Revival Plan 2” debuted a day ago and involves dispensing UST permanently and splitting or forking LUNA into the Luna Classic token and a new version of the coin re-dubbing LUNA. The plan includes an airdrop of 1 billion new LUNA tokens to former UST and LUNA holders who got wiped out. Proposing the idea on Twitter, Kwon outlined that the Terra community is his family and added:

 “I will always be here, no matter how hard it gets.”

As recently reported, The dramatic collapse of Terra’s UST stablecoin wreaked havoc on the industry and accelerated the plans to regulate the market. Following the market meltdown, the global watchdogs started proposing different legislations to regulate stablecoins to prevent similar incidents from occuring in the future. The UK revealed plans to legalize stablecoins as a payment medium and the reports show that the development includes plans to regulate stablecoins that came as a part of the financial legislation mentioned in the Queen’s speech.

UST continues to chart new lows as Terra continues to falter below $0.04 and BTC stands slightly over $30,000. following yesterday’s dip, BTC reacted well and reclaimed the $30,000 price point with most altcoins sitting calm with minor gains while LTC and CRO emerged as today’s top gainers from the bigger caps.