JUST IN: Solana’s key backers are accused of violating securities laws and harming retail SOL traders to the benefit of insiders in a class action suit filed last week. realDannyNelson nikhileshde report
filed in California federal court last week accuses key players in the Solana ecosystem of illegally profiting from SOL, the blockchain’s native token that according to the suit is an unregistered security.
Filed by California resident Mark Young, who said he bought SOL in late summer 2021, the suit names Solana Labs, the Solana Foundation, Solana’s Anatoly Yakovenko, crypto VC giant Multicoin Capital, Multicoin’s Kyle Samani and trading desk FalconX. According to the complaint, Young alleges that the way SOL was created and sold meets the three tenets of the Howey Test, a U.S. Supreme Court precedent commonly used as a barometer for whether the sale of something is a security or not.
In the filing, Young pointed to several sales of the SOL token or agreements to sell the SOL token ahead of the public sale of the token.
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