Solana Labs is the latest crypto company to get slapped with a class action. This one claims that SOL is a security, Solana is centralized, and that multiple outages have caused investors to lose money.
Solana Labs is the latest crypto company to be hit with a lawsuit accusing it of promoting an unregistered security.
The class action was filed on July 1 by Roche Freedman LLP and Schneider Wallace Cottrell Konecky in the district court for the northern district of California on behalf of plaintiff Mark Young, a state resident.Solana Labs, the Solana Foundation, Anatoly Yakovenko, Multicoin Capital Management, Kyle Samani, and FalconX, of selling unregistered securities tokens in the form of SOL from March 24, 2020.
“Defendants made enormous profits through the sale of SOL securities to retail investors in the United States in violation of the registration provisions of federal and state securities laws, and the investors have suffered enormous losses,”SolanaAccording to the lawsuit, Solana Labs founder Anatoly Yakovenko lent a market maker more than 11.3 million tokens in April 2020 and failed to disclose this information to the public.
The plaintiffs also took umbrage with Solana’s claims of being decentralized. “As of May 2021, insiders held 48% of the SOL supply. The network is thus highly centralized,” it added. The lawsuit's outcome could have significant implications for Solana and the broader crypto industry. SOL may be delisted from leading crypto exchanges if it is deemed to be a security by a court. Coinbase and Kraken delisted XRP in late 2020 following the
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