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Terra’s Legal Team Resigns Amid Terra Stablecoin Fallout

Daily Market Wrap

  • Crypto market cap: 1.22 trillion, down 5.85%

  • BTC price stands at USD 28,821, down 4.43%

  • ETH price stands at USD 1,915, down 7.18%

  • Top gainer: PAX Gold (PAXG), up 0.20%

  • Top loser: Kadena (KDA), down 23.74%

News of the Day

Why it matters:

  • Counsel team members Marc Goldich, Lawrence Florio, and Noah Axler have fled Terraform Labs shortly after the recent collapse of Terra’s UST stablecoin.

  • “The past week has been challenging for Terraform Labs, and a small number of team members resigned in recent days,” a company spokesperson said in an email. “The vast majority of team members remain steadfastly committed to carrying out the project’s mission.”

  • On Wednesday, Korean media reported on Wednesday that LKB & Partners, one of the top law firms in South Korea, has decided to sue Terraform Labs for losing money in the UST collapse.

Crypto daily spotlight

Brief introduction: ApeCoin (APE) is owned and operated by the ApeCoin DAO (decentralised autonomous organisation). Ownership of ApeCoin doubles as membership into the ApeCoin DAO and allows owners governance rights. 62% of the total token supply has been allocated to the ApeCoin community, a portion (15% of the total supply of ApeCoin) of which will be made available to Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) NFT owners. BAYC holders will be able to claim up to 10,000 APE tokens per NFT, while MAYC holders can claim about 2,000 APE per NFT.

Why it matters:

  • ApeCoin DAO and Yuga Labs are reportedly in talks with both Ava Labs and Flow Foundation as it looks for better suitors to scale its NFT ecosystem

  • Yuga Labs acknowledged the issue, which was the problematic Otherside mint on Ethereum, in a May 1 tweet after the mint sold out, saying it was “abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale.”

  • The tweet prompted discussion among the DAO’s members, which includes Animoca Brands chairman Yat Siu, FTX head of gaming Amy Wu, and Reddit co-founder Alex Ohanian, regarding the potential suitor

Daily sector tracker

Daily News Roundup

  • Argo Blockchain (ARB) Reported Q1 Net Income Plunges 90% to $2.1M

  • El Salvador’s President Promotes Bitcoin Adoption To 44 Developing Economies

  • Indian Mobile and Play-to-earn Gaming Startup Rolled Out Its Own Token

  • Music Streaming Service Spotify Is Experimenting With NFT Display Features

  • Blockchain Analytics Firm Nansen Acquires DeFi Tracker Ape Board

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