Monday, Oct 03, 2022
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Class Action Suit Filed Against Solana Foundation, CEO, Bitcoin Down 2%, Ethereum Falls 3%

A class action lawsuit filed against Solana alleges that SOL was promoted despite it being an unregistered security. Solana was trading with a loss of 0.53 per cent; Bitcoin and Ethereum also fell.

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Solana (SOL)

Mark Young, a Solana investor, has filed a class action lawsuit against Solana Foundation, CEO Antoly Yakovenko, co-founder Kyle Samani, and others alleging that they have sold Solana (SOL) cryptocurrencies without a security statement and that they have promoted these cryptocurrencies despite they being unregistered securities, as per various media sources.

“Solana Labs had its first public sale of SOL tokens in a 'Dutch Auction' held in March 2020, which was tantamount to an Initial Coin Offering (ICO). Since April 2020, funded by the proceeds they made through their ICO, Defendants have spent vast sums of money promoting SOL securities throughout the United States. These promotional efforts took SOL securities from a relatively obscure crypto-asset to one of the top crypto-assets in the world,” read the suit filing document.

Solana
Mark Young, a Solana investor, has filed a class action lawsuit against Solana Foundation, CEO Antoly Yakovenko, co-founder Kyle Samani, and others


Cryptocurrency Prices

The global crypto market capitalisation went down by 1.69 per cent to $1.24 trillion as of 8.50 am. However, the global crypto volume was up by 35.54 per cent to $85.95 billion, according to Coinmarketcap data.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $21,561.64, lower by 1.9 per cent in the last 24 hours. Ethereum (ETH) was down by 2.84 per cent to $1,214.37. 

Among other significant coins, Cardano (ADA) was down by 2.75 per cent at $0.4708, Algorand (ALGO) was trading with a loss of 1.52 per cent at $0.3179, Solana (SOL) was trading with a loss of 0.53 per cent at $38.26, Polkadot (DOT) was down by 3.3 per cent at $7.09, and Binance Coin (BNB) was down by 0.42 per cent at $242.17.
 

Today’s top gainer was Quant (QNT), which was up by 15.78 per cent at $73.69. The top loser was TerraClassicUSD (USTC), which was down by 8.2 per cent at $0.04788. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 3.24 per cent at $0.06927. Its volume to market cap ratio stands at 0.04473. Rival Shiba Inu (SHIB) was down by 1.2 per cent at $0.00001115.

Dogelon Mars (ELON) lost 2.27 per cent to trade at $0.0000003302, Floki Inu (FLOKI) lost 2.77 per cent at $0.000006565, and Samoyed Coin (SAMO) lost 5.91 per cent at $0.009014. 

In the DeFi segment, YFI (yearn.finance) was down by 4.29 per cent at $6,393.46, and Terra Classic (LUNC) was trading with a loss of 5.13 per cent at $0.000108. Avalanche (AVAX) was down by 4.11 per cent at $19.77, Uniswap (UNI) was trading with a gain of 3.03 per cent at $6.02, and Aave (AAVE) fell by 1.54 per cent at $72.27.

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