Leading cryptocurrency from Bitcoin (BTC) one of the top 10 cryptocurrencies after Left (LEFT) facing a class action lawsuit.
In a class action lawsuit filed in California federal court last week Solana Labs, Solana Foundation and Solana founder Anatoly Yakovenko, Solana is a security and in this context also LEFTHe was accused of making illegal profits from.
The lawsuit in question is a California resident and LEFTFiled by Mark Young, who says he bought .
Apart from Solana Labs and the foundation, the lawsuit also includes crypto VC giant Multicoin Capital, Multicoin’s Kyle Samani, and FalconX company.
Complainant Young, LEFT claims that its token was sold to other individuals and institutions at a cheaper price, at the expense of retail investors, with prior inside information.
“According to the way SOL is created and sold, the SOL token is a security that must be registered with the SEC. However, it is not registered.
Solana advertised the SOL token, and investors who invested in SOL suffered huge losses.
The reason for these losses is that the SOL token was previously sold to other individuals and institutions at a cheaper price.”
The filing also states that Multicoin, the crypto venture capital firm that has invested heavily in the Solana ecosystem, has also introduced the SOL token, giving millions of dollars to retail investors. LEFT It was claimed that the token was sold.
As will be remembered, the complainant of the SOL lawsuit, Mark Young’s law firm, Roche Freedman, also Terra-LUNA allegedly misleading investors after the collapse Binance.USHe sued.