Solana (SOL) on the verge of failing? A fresh lawsuit arrives to shake up the cryptocurrency market as it desperately strives to rebound from its bear market. This is a class action lawsuit, and Berger Montague is the lead attorney. And standing in for the accused is Solana Labs Inc., one of the major names in cryptocurrencies. Here are all the specifics behind this recent scandal.
Unnoticed crypto solana (SOL)
The law firm Berger Montague officially declared its intention to bring a class action lawsuit against the enormous Solana Labs Inc. in a press release dated July 12, 2022. The stated facts seem significant and could result in a severe sentence. On behalf of investors who bought solana, the investigation is looking into potential violations of federal securities laws (SOL). This relates to specific cryptocurrency solana (SOL) sold to American investors since March 24, 2020. Without being registered with the United States Securities and Exchange Commission, they would have been issued (SEC).
Anyone with information that could further the investigation is eligible for incentives of up to 30% of the money seized from the criminal activity, according to the law firm. The Whistleblower program of the SEC makes this feasible. True inquiry or witch hunt?
The court cases affecting cryptocurrencies
Solana is not a unique instance. The SEC has already singled out cryptocurrency companies for various forms of fraud. Very far away. Recently, Ripple has been the principal defendant in a significant, public legal conflict with the SEC. The SEC said that between 2013 and December 2020, Ripple sold more than $1.3 billion in unregistered XRP coins, while the company’s CEO lambasted the agency for its numerous inconsistencies. The SEC has even gone so far as to assert that some of its experts have received anonymous social media threats.
Elon Musk and McAfee
Other similar incidents include Elon Musk being suspected of setting up a Ponzi scheme based on Dogecoin (DOGE) and Mc Afee being prosecuted for his pump and dump scheme (as well as tax evasion). He would gain from it with every tweet in support of his preferred dog section. Thus, an American investor filed a lawsuit against the self-made billionaire and is seeking 258 billion dollars in damages. The crypto community believes that this lawsuit is merely a ruse because losses when it comes to bitcoins are routine. The only purpose of this summons would be to identify a criminal.
The class action lawsuit against Solana appears to be pretty serious in the interim. You are eligible to join the class action if you are a US citizen and have been harmed.
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