Cryptocurrency platform Solana is sued

A crypto investor has filed a lawsuit against the Solana Labs cryptocurrency platform — according to the plaintiff, crypto whales illegally made profits through the Solana ecosystem.

According to the plaintiff, Mark Young, 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.»

So far, representatives of the platform have not provided any official comments. However, it seems that Solana is going through hard times. At the end of June, representatives of the cryptocurrency lending platform Solend announced that they had set a borrowing limit of $ 50 million for each account and reduced the maximum number of liquidations, all due to the risk of liquidity shortages and a possible collapse of the SOL cryptocurrency. And a few days ago, the developers of the decentralized finance (DeFi) project Crema Finance on the Solana blockchain reported that the platform had been hacked (at the time of writing, the funds were returned).