As the overall market remains subdued, various investors and companies alike are now attempting to hold each other accountable for past actions through litigation. With this growing crop of lawsuits involving digital assets announced over the past few months, it is easy for many to be forgotten. The following are a few examples of this, highlighted by a potentially market shifting accusation against the wildly popular, and 9th largest digital asset, Solana.
Mark Young vs. Solana
The most recent noteworthy lawsuit to be announced surrounds Solana, as an investor by the name of Mark Young has just launched a class action against the project on behalf of himself and others ‘similarly situated’. Those named as defendants include,
- Solana Labs
- Solana Foundation
- Anatoly Yakovenko (Founder of Solana Labs)
- Multicoin Capital Management
- Kyle Samani (Managing Partner of Multicoin Capital)
- FalconX
While not instigated by a regulator like in the case of Ripple vs. SEC, the two lawsuits share various similarities – namely the accusation that unregistered securities were presented as utility tokens, and subsequently sold in a lucrative ICO.
In addition to putting forth that ‘SOL’ represent unregistered securities, the lawsuit alleges that “During the class period, Defendants have made deliberately misleading statements concering the total circulating supply of SOL securities.” This particular allegation stems from an event which was supposed to see over 11M SOL removed…
