- 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.
However, the platform’s move to redirect unclaimed SOL to the Metaplex DAO treasury after the deadline has sparked criticism among some users. According to Metaplex’s own data, only 7,043 SOL have been claimed so far. This leaves over 54,000 SOL tokens worth approximately $7.3 million at current market prices, potentially subject to the sweep.
Burwick Law’s Open Letter and Legal Concerns
In an open letter dated April 22, Burwick Law argued that many minters were inadequately informed about the possibility of their funds being swept and diverted to a treasury outside their control. The firm emphasized that numerous NFT collectors have expressed serious concerns about the plan, which they believe undermines trust in the ecosystem.
“The principle of ‘code is law’ only holds when rules are clear and immutable,” Burwick stated in the letter. “If a protocol can alter agreements retrospectively, the promise of decentralized permanence becomes meaningless.”
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The law firm further suggested that if a court finds the sweep constitutes unjust enrichment or violates consumer protection laws, affected users could be entitled to restitution. Metaplex has not issued a public comment regarding Burwick’s open letter on X, and attempts by media outlets to obtain a comment from the platform have been unsuccessful.
Metaplex has already suggested that the unclaimed SOL be utilized for different DAO projects, such as voting on airdrops, granting ecosystem builders, or other community projects. But the law firm states that this method does not respect the property rights of the initial token holders.
Burwick Law’s Proposal
As a proposal, Burwick Law suggested that Metaplex put its existing strategy on hold. They also asked them to refund rent to existing NFT holders and, at the same time, keep a “modest network-maintenance bounty” of 10%. This compromise would protect users’ interests while still providing funding for the DAO and showing that the Solana ecosystem can effectively self-regulate without legal intervention.
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