Mark Young, an investor from California, has accused key players in the Solana ecosystem of illegally profiting from the native SOL token.
According to the lawsuit, the coin is an unregistered security. The plaintiff has said:
“The cornerstone of SOL’s value is the sum of the efforts of Solana Labs, the Solana Foundation and Anatoly Yakovenko in the management and implementation of the Solana blockchain. They created the network and all the tokens in circulation, and also determined who would receive SOL securities and under what conditions.”
According to him, the asset as a highly centralized cryptocurrency that benefits insiders at the expense of retail traders. Among the beneficiaries, the investor also named venture capital firm Multicoin Capital, its partner Kyle Samani and FalconX’s OTC division.
Young has said that he bought the tokens in late summer 2021. Since then, the value of the asset has decreased sharply.