the trial that will destroy everything?

the trial that will destroy everything?

Solana (SOL) about to collapse? As the crypto sphere desperately tries to recover from its bear market, a new lawsuit comes to shake it up. This is a class action lawsuit led by the law firm Berger Montague. And Solana Labs Inc., one of the leading figures in cryptocurrencies, occupies the place of the accused. Here are all the details of this new scandal.

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Crypto solana (SOL) under the radar

In a press release dated July 12, 2022, the law firm Berger Montague has publicly announced that it wants to initiate a class action against the giant Solana Labs Inc. It would seem that the alleged facts are serious and could lead to a heavy sentence. The investigation is looking into possible violations of federal securities laws on behalf of investors who purchased solana (SOL). This would concern certain crypto solana (SOL) sold to US investors since March 24, 2020. These would have been issued without having been recorded near Securities and Exchange Commission (SEC) of the United States.

The law firm offers rewards going up to 30% of the sums recovered for anyone who has information that could help the investigation progress. This is possible thanks to the SEC’s Whistleblower program. Real investigation or witch hunt?

The lawsuits that shake cryptocurrencies

Solana is not an isolated case. This is not the first time that the SEC has singled out crypto companies for this or that type of fraud. Far from there. Lately it’s mainly Ripple who waged a very high-profile legal battle against the SEC. The SEC accused Ripple of selling more than $1.3 billion in unregistered XRP tokens between 2013 and December 2020, while Ripple’s CEO blamed the authority for having a lot of contradictions in his argument. The SEC has gone so far as to claim that some of its experts have been subjected to anonymous threats on social media.

McAfee and Elon Musk

Similar stories there are others: Mc Afee prosecuted for his pump and dump (and tax evasion) and Elon Muskaccused of setting up a Ponzi scheme based on Dogecoin (DOGE). Each tweet in favor of his favorite canine corner would allow him to benefit from it. An American investor has sued the billionaire entrepreneur and is demanding compensation of $258 billion. The crypto sphere is rather of the opinion that this complaint would only be a charade: losses being commonplace in terms of cryptocurrencies. This summons would only be a way for investors to designate a culprit.

In the meantime, the class action lawsuit against Solana looks very serious. If you have US citizenship and have been wronged, you can join the class action. It remains to be seen what will become of this famous cryptocurrency…

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