Analyst predicts dozens of lawsuits against cryptocurrency platform Solana

John Deaton, founder of CryptoLaw, shared his predictions about the immediate future of the Solana cryptocurrency platform — according to the analyst, the company is facing dozens of class action lawsuits.

John Deaton recalled the recent news that crypto investor Mark Young filed a lawsuit against the Solana Labs cryptocurrency platform — according to the plaintiff, crypto whales illegally made profits through the Solana ecosystem. According to John Deaton, this lawsuit will be a kind of «impetus» for other cryptocurrency investors to unite against Solana Labs and file class action lawsuits.

As Young stated in his lawsuit, Solana Labs and its partners violated federal securities laws. The lawsuit states that the defendants advertised and sold SOL cryptocurrency as securities without any legal basis for doing so. Young’s representatives also stated that SOL «was a centralized cryptocurrency from which crypto whales benefited at the expense of retail investors' capital.»