# Solana review: Trust Score 63/100 (Mixed)

Source page: https://vaultx.llc/reviews/solana · independent VaultX review by Rex · updated 2026-10-31

Working network with named founders and big ecosystem; legal questions and scam-heavy memecoin scene remain

Solana is a live blockchain launched in March 2020 by Solana Labs and run with the Solana Foundation. Its founders are publicly named, and it has shipped real product and sits inside institutional products such as ETFs. Against that, a 2022 class action against Solana Labs is referenced in SEC comment letters (we could not see the court filings), and online complaints centre on scams, memecoin rugs and trading-bot losses on the Solana ecosystem. SOL is also reported to be about 65% below its all-time high, a large fall but not a collapse.

**Red flags**
- A July 2022 class action accusing Solana Labs of misleading investors about token supply and selling unregistered securities is referenced in SEC comment letters. We did not see the court filings or the outcome.
- One SEC comment letter says Solana was 'classified as an unregistered security by the SEC in legal actions'. We could not find the underlying SEC case in the research.
- Recurring reports of network and infrastructure disruption, such as a reported 37-minute QuickNode disruption on Solana mainnet services
- Third-party security incidents in the ecosystem: Bloom, a Telegram trading bot, reportedly lost about 9,408 SOL from 48-49 wallets on 2026-10-26
- The notes give no complete official total for private fundraising
- SOL is reported about 65% below its all-time high and fell below $100 in a recent selloff

**Green flags**
- Founders Toly Yakovenko and Raj Gokal are publicly named
- The Solana Foundation publishes transparency reports
- The public token sale was open (CoinList auction, 8M SOL at $0.22)
- A $1 million audit competition (April 9 to May 9) drew 809 reports from 162 researchers and produced 127 unique findings, per CoinDesk
- Firedancer's team now charges 1 SOL per bug report to cut AI-generated spam, per CoinDesk
- No regulator warning naming Solana (SOL) itself was found
- SOL appears in institutional products, including spot ETF flows and 21Shares ETPs
- The network launched in 2020 and has operated since

**Sources**
- solana.com https://solana.com/news/solana-foundation-transparency-reports
- solana.com https://solana.com/pt/news/may-newsletter
- coinlist.co https://coinlist.co/solana
- en.wikipedia.org https://en.wikipedia.org/wiki/Solana_(blockchain_platform
- sec.gov https://www.sec.gov/Archives/edgar/data/1610853/000110465926041571/hsdt-20260409x8k.htm
- sec.gov https://www.sec.gov/Archives/edgar/data/1610853/000110465926062611/hsdt-20260331x10q.htm

Not financial advice. Nobody can pay for a VaultX review.

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