Bad news for Solana Labs: what’s this new legal twist for this blockchain?

The Solana blockchain has been in the spotlight since September 2021. Indeed, this very popular blockchain last year suffered more than 7 technical problems since last September.

While Solana had unprecedented popularity in the crypto space last year, 2022 is a disastrous year to say the least. Here is a new legal turning point for this blockchain.

A new turning point for Solana Labs: legal problem?

The entity Solana Laboratories which underpins the Solana (SOL) blockchain project, has been targeted by a new class action that was recently filed in a California court. So why has this entity been accused lately?

The recent complaint claims that the company, along with a number of people and organizations associated with this entity, You make money illegally with native blockchain tokensand Solana (SOL) is not registered. Below is what one of the people who filed a complaint in California said:

Defendants have made huge profits from selling SOL securities to individual investors in the United States, in violation of the registration provisions of federal and state securities laws, and investors suffered huge losses“.

According to the different judicial acts “Since April 2020, funded by the proceeds made from their initial token offering, Defendants have spent huge amounts of money promoting SOL securities in the US. Thanks to these promotional efforts, SOL securities have reached the highest price of all time of $ 258 per token, with a market cap of over $ 77 billion, November 5, 2021“.

Read also Solana News – Will Solana Miami 2022 raise the price of SOL?

Also, “These promotional efforts have smuggles SOL securities from a relatively obscure cryptocurrency in one of the best cryptocurrencies in the world. “

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