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Class-Action Lawsuit against Solana & SolanaLabs

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Class-Action Lawsuit against Solana & SolanaLabs 5

A group of people initiated a legal fight against the Solana (Sol) token and its team. Plaintiff alleges Sol token is a security.

Solana is the biggest Proof-of-stake blockchain network. Due to the unique Proof-of-history protocol, the Solana blockchain provides high scalability & efficiency-based crypto transactions. At present, Solana is standing at the top rank in the industry, which can provide highly efficient transactions but still, it faces significant criticism in the crypto industry because of the less decentralized nature of its blockchain network. 

Recently a class action lawsuit was filed against Solana Labs. In the filed lawsuit, popular venture capital company Multicoin and its chief executive officer Kyle Samani also appeared among the defendants.  Strangely, Kyle was one of the popular supporters of the Solana blockchain project.

This latest lawsuit may bring huge hurdles for the crypto industry. Mark Young, a lead plaintiff of the lawsuit, claimed that the Sol token is unregistered security. He also added that the team spent huge money to promote the project and mentally forcing people to invest money in Sol tokens.

During the initial phase of the Solana project success in 2021, because of its ability to deliver on its promise to create the network, many experts noted that the SOL token owns all the qualities of a security under the Howey test. Plaintiff also claimed that online promotion helped the core backers of this project to secure enormous profits.

Young also claimed that Solana Labs “deliberately misleading” statements about Sol token circulating supply. Now Young and other class members want rewards in the form of compensation, for what they faced damages in the Solana token investment.

Sol token price

The current price of Sol token is $37 and this price is down by 66% over the last 3 month’s trade price. While the all-time high price of Sol token was $259.

Class-Action Lawsuit against Solana & SolanaLabs 4

Read also: Former Google Exec Says Web3 vision Is Correct

Class-Action Lawsuit against Solana & SolanaLabs

 

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