- A Northern California resident has slammed Solana with a class action lawsuit over the unregulated sale of SOL tokens.
- XRP holders’ lawyer has warned of further lawsuits, after Solana Labs announced the Solana Foundation co-founders were embroiled in a legal battle.
- XRP is on course for a breakout, posting massive gains over the past week.
Solana has been hit by a trial similar to Ripple, accusing the Ethereum killer of selling SOL tokens of unregistered securities. The plaintiff accused Solana of profiting from the sale of SOL tokens as retail traders suffered losses.
XRP attorney John Deaton has issued a warning about the future of the crypto industry. Deaton believes that if XRP is considered a security, hundreds of class action lawsuits will be filed against cryptocurrencies in the future. Not only tokens or exchanges, but promoters of altcoins can be subject to regulatory scrutiny.
The plaintiff accused Solana insiders of profiting hugely from the sale of “SOL” tokens of unregistered securities. Although it was criticized by the lawsuit, Solana announced its biggest event of 2022, the Solana Breakpoint Conference for 2022.
According to reports, Mark Young accused Solana Labs, Solana Foundation, co-founder Anatoly Takovenko, Multicoin Capital Management and his co-founder Kyle Samani and FalconX. The California resident believes that these entities and individuals profited from the sale of SOL. These entities therefore violate the registration provisions of federal and state securities laws.
Solana is a largely centralized altcoin and insiders hold 48% of the altcoin supply. Solana has less than 1,000 validators, which makes the altcoin more centralized than most other altcoins.
Solana has partnered with Jump to host Hacker House events ahead of the Breakpoint conference November 4-7 in Portugal. Several projects that rely on the Solana blockchain and the holder community will come together at the Breakpoint conference.
Solana’s price has gained 11.5% over the past week, recouping losses. Solana Award could break into a rally and aim for $52.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CQ. Nothing in this article should be construed as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.