Crypto legislation agency Burwick Legislation has referred to as out Solana-based non-fungible token platform Metaplex’s plan to brush unclaimed Solana (SOL) into its treasury as a substitute of returning it to traders, suggesting it may very well be liable to litigation if it follows via with the plan.
Final 12 months, Metaplex, an NFT protocol, found a option to scale back the quantity of onchain storage required for sure NFTs. By resizing the NFTs, Solana NFT holders can declare a small quantity of SOL.
In October, Metaplex mentioned that Metaplex Token Metadata (TM) NFT holders will be capable to execute a “resize optimization” for all TM accounts with a deadline of April 25.
Those that didn’t do it voluntarily by the deadline would have their extra SOL transferred to the Metaplex DAO mechanically, with how they’re for use but to be decided.
Nonetheless, Burwick criticized the agency’s plan to brush unclaimed funds to its DAO treasury as a substitute of returning them to NFT holders.
“Many minters by no means acquired clear discover that these lamports may very well be swept, not to mention diverted to a treasury they don’t management,” Burwick mentioned in an April 22 open letter to Metaplex and the broader Solana neighborhood.
Burwick mentioned over 54,000 SOL tokens are in danger, and in response to Metaplex’s web site, solely 7,043 SOL have been claimed. At present market costs, greater than $6.5 million stays unclaimed.
Burwick mentioned most of the NFT collectors it represents have shared “deep issues” concerning the plan.
Burwick added that Metaplex’s plan “erodes belief” and “violates the spirit of crypto.”
“‘Code is legislation’ solely works when the foundations are clear and immutable. If a protocol can rewrite yesterday’s deal tomorrow, the promise of decentralised permanence rings hole.”
Burwick mentioned such a transfer might entitle victims to restitution ought to a court docket discover the sweep constituted unjust enrichment or violates client safety legal guidelines.
Metaplex hasn’t responded to Burwick’s X publish. Cointelegraph reached out to Metaplex however didn’t obtain a right away response.
Metaplex mentioned the unclaimed SOL could also be used for the DAO to vote on airdrops, distribute grants to ecosystem builders, or different initiatives.
Burwick pitches what Metaplex ought to do as a substitute
The crypto legal professionals suggested Metaplex to pause the plan and refund hire on to present NFT holders whereas retaining a “modest” network-maintenance bounty of 10%.
“A 90 / 10 cut up protects customers, preserves DAO funding, and proves that the Solana ecosystem can self‑regulate—with no courtroom.”
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Burwick famous that different DeFi protocols have resolved related points this manner.
The legal professionals mentioned there’s nonetheless loads of time for Metaplex to execute such a method and keep away from litigation the place funds may very well be frozen.
“The ball is within the DAO’s court docket. Let’s present the world that Web3 corrects its personal course and lives as much as its founding rules of transparency, immutability, and honest dealing.”
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