Law firm urges Metaplex rethink fee sweep or risk ‘extended litigation’

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The story "Law firm urges Metaplex rethink fee sweep or risk ‘extended litigation’" was covered 10 hours ago by Coin Telegraph, a news publisher based in United States.

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Coin Telegraph 10h ago

Law firm urges Metaplex rethink fee sweep or risk ‘extended litigation’ - Coin Telegraph

Quick Summary:

Source: MetaplexBurwick pitches what Metaplex should do insteadThe crypto lawyers advised Metaplex to pause the plan and refund rent directly to current NFT holders while retaining a “modest” network-maintenance bounty of 10%.“A 90 / 10 split protects users, preserves DAO funding, and proves that the Solana ecosystem can self‑regulate—without a courtroom.”Related: Coinbase distances Base from highly criticized memecoin that dumped $15MBurwick noted that other DeFi protocols have resolved similar issues this way.

However, Burwick criticized the firm’s plan to sweep unclaimed funds to its DAO treasury instead of returning them to NFT holders.“Many minters never received clear notice that these lamports could be swept, let alone diverted to a treasury they do not control,” Burwick said in an April 22 open letter to Metaplex and the broader Solana community.

Crypto law firm Burwick Law has called out Solana-based non-fungible token platform Metaplex’s plan to sweep unclaimed Solana (SOL) into its treasury instead of returning it to investors, suggesting it could be at risk of litigation if it follows through with the plan.