Bad news for Solana Labs: What is this new legal twist for this blockchain?

The Solana blockchain has been in the spotlight since September 2021. Indeed, this blockchain that was so popular 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 twist for this blockchain.

A new twist for Solana Labs: Legal problem?

The entity Solana Labs which is behind the Solana (SOL) blockchain project, is being targeted by a new class action lawsuit that was recently filed in California court. But then why has this entity been accused lately?

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

“Defendants made enormous profits from the sale of 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 court documents “Since April 2020, funded by the proceeds they realized from their Initial Token Offering, Defendants have spent enormous amounts of money promoting SOL titles across the United States. Thanks to these promotional efforts, SOL securities reached an all-time high price of $258 per token, with a market capitalization of more than USD 77 billion, November 5, 2021“.

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In addition, “These promotional efforts have smuggles SOL securities out of a relatively obscure cryptocurrency to one of the best cryptocurrencies in the world. »

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