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A class-action lawsuit filed last week in federal court in California accuses critical individuals in the Solana ecosystem of illegally benefitting off SOL, the blockchain's native token, which, according to the lawsuit, is an unregistered securities.
"The cornerstone of the value of SOL securities is the sum of Solana Labs, Solana Foundation, and [Anatoly] Yakovenko's management and implementation of the Solana blockchain," according to the complaint. It characterized SOL as a highly centralized cryptocurrency that has enriched its insiders at the expense of regular investors.
Mark Young, a California citizen, has filed a lawsuit against Solana Labs, the Solana Foundation, Solana's Anatoly Yakovenko, crypto VC behemoth Multicoin Capital, Multicoin's Kyle Samani, and trading firm FalconX.
A Solana representative declined to comment. Multicoin and FalconX did not reply to a request for comment immediately.
Young contends in the lawsuit that how SOL was formed and sold satisfies the three pillars of the Howey Test, a U.S. Supreme Court decision often used to determine whether the sale of an item constitutes security.
“Purchasers who bought SOL securities have invested money or given valuable services to a common enterprise, Solana. These purchasers have a reasonable expectation of profit based upon the efforts of the promoters, Solana Labs and the Solana Foundation, to build a blockchain network that will rival Bitcoin and Ethereum and become the accepted framework for transactions on the blockchain,” the filing stated, addressing the three prongs of the Howey Test.
In the lawsuit, Young noted many sales of SOL tokens or agreements to sell SOL tokens before the token’s public sale.
Solana Labs submitted a Form D with the U.S. Securities and Exchange Commission (SEC), reporting that the business was selling “the future rights” to about 80 million SOL, as stated in the filing.
Multicoin, a prominent crypto venture capital firm that has invested substantially in the Solana ecosystem, allegedly “dumped millions of dollars of SOL” onto the retail market after “relentlessly” pushing the token despite the Solana blockchain’s technical difficulties. According to the lawsuit, this claimed to unload occurred through FalconX OTC desks.
The law firm of Young, Roche Freedman, has also just launched a lawsuit against Binance.US for allegedly deceiving investors during the Terra crash. No attorney representing Roche Freedman answered the phone.