Burwick Law Challenges Metaplex’s Move to Seize Unclaimed Solana Tokens
- Burwick Law threatens legal action over Metaplex’s plan for unclaimed Solana tokens.
- Over 54,000 Solana tokens are at risk of being unclaimed, with only 7,043 SOL claimed to date.
- The firm proposes a 90% refund to NFT holders with a 10% network maintenance bounty.
Solana-based NFT platform Metaplex is facing potential legal action from crypto law firm Burwick Law over its controversial plan to redirect unclaimed SOL tokens to its treasury rather than returning them to their original owners. The dispute centers around millions of dollars worth of tokens that could be swept into Metaplex’s control by the end of April.
Resize Optimization and the April 25 Deadline
The controversy arises from Metaplex’s discovery of a method to reduce on-chain storage requirements for certain NFTs. This would permit the return of small amounts of SOL initially deposited by Solana NFT owners. Metaplex’s resize optimization initiative was announced in October, allowing holders of Token Metadata (TM) NFTs to reclaim excess SOL by April 25, 2025.
The post Burwick Law Challenges Metaplex’s Move to Seize Unclaimed Solana Tokens appeared first on Coin Edition.
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Burwick Law Challenges Metaplex’s Move to Seize Unclaimed Solana Tokens
- Burwick Law threatens legal action over Metaplex’s plan for unclaimed Solana tokens.
- Over 54,000 Solana tokens are at risk of being unclaimed, with only 7,043 SOL claimed to date.
- The firm proposes a 90% refund to NFT holders with a 10% network maintenance bounty.
Solana-based NFT platform Metaplex is facing potential legal action from crypto law firm Burwick Law over its controversial plan to redirect unclaimed SOL tokens to its treasury rather than returning them to their original owners. The dispute centers around millions of dollars worth of tokens that could be swept into Metaplex’s control by the end of April.
Resize Optimization and the April 25 Deadline
The controversy arises from Metaplex’s discovery of a method to reduce on-chain storage requirements for certain NFTs. This would permit the return of small amounts of SOL initially deposited by Solana NFT owners. Metaplex’s resize optimization initiative was announced in October, allowing holders of Token Metadata (TM) NFTs to reclaim excess SOL by April 25, 2025.
The post Burwick Law Challenges Metaplex’s Move to Seize Unclaimed Solana Tokens appeared first on Coin Edition.
Read More