Crypto law firm Burwick Law has criticized Solana-based non-fungible token platform Metaplex’s plan to sweep unclaimed Solana (SOL) into its treasury instead of returning it to investors, potentially leading to extended litigation. Last year, Metaplex found a way to reduce on-chain storage for certain NFTs, enabling Solana NFT holders to claim a small amount of SOL. In October, Metaplex announced that Metaplex Token Metadata (TM) NFT holders could optimize their resize accounts by April 25. Those who didn’t comply would have their excess SOL transferred to the Metaplex DAO automatically. Burwick raised concerns over the plan to sweep unclaimed funds, stating that many minters were not adequately informed. According to Burwick, over 54,000 SOL tokens are at risk, with only 7,043 SOL claimed to date. The law firm believes that this move erodes trust and violates the spirit of crypto. Burwick suggested that victims could seek restitution if the court deems the sweep unjust or in violation of consumer protection laws. Metaplex has yet to respond to Burwick’s concerns. The firm indicated that unclaimed SOL could be used for voting on airdrops, grants, or other initiatives. Burwick proposed that Metaplex should refund rent directly to NFT holders and retain a modest network-maintenance bounty of 10% to avoid potential litigation. The lawyers emphasized that there is still time for Metaplex to adopt this strategy and steer clear of legal disputes. They urged the DAO to demonstrate transparency, immutability, and fair dealing in line with Web3 principles.
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