Solana Labs, Jito Labs Named in $1.5 Billion Fraud Lawsuit MoonPay Launches 8.49% Yield Liquid Staking for Solana Upexi Boosts Solana Holdings by 83,000 Tokens, Valued at $381 Million

Solana Labs and Jito Labs have been named as co-defendants in a newly amended federal lawsuit that accuses them of playing a central role in an alleged $1.5 billion fraud tied to the Solana-based memecoin launchpad Pump.Fun. The amended lawsuit, filed on July 22, expands a consolidated case that originally targeted Pump.Fun and its affiliates. The lawsuit claims that the project functioned as a disguised gambling system with no regulatory compliance, investor protections, or identity checks, enabling illicit activities such as money laundering. One example cited in the complaint involves the North Korea-linked Lazarus Group, which allegedly used Pump.Fun’s infrastructure to launch a memecoin named “QinShihuang” and funnel funds linked to the Bybit exchange hack. The coin’s trading volume reportedly surged to $26 million shortly after launch, allowing the group to convert proceeds into Solana’s native token, SOL. The lawsuit also notes a sharp decline in Pump Fun’s usage metrics since earlier peaks, including a drop in daily token launches and trading volume. Competitor Bonk Fun has reportedly overtaken Pump Fun in market share, posting $165 million in daily volume compared to Pump.Fun’s $41 million. While claims of unregistered securities remain specific to Pump.Fun, the lawsuit has added fraud, deceptive marketing, and unjust enrichment counts against all co-defendants, arguing they actively benefited from an ecosystem built on speculative hype and regulatory evasion.

MoonPay, a fintech company specializing in crypto payments and Web3 infrastructure, has announced a new liquid staking program for Solana holders. The product will leverage liquid staking to earn users 8.49% annual yield on their SOL tokens. According to the company, users can stake as little as $1 in Solana (SOL) and receive a liquid staking token called mpSOL. Rewards are distributed approximately every two days, and users can unstake at any time without a lockup period. The feature is available starting July 23 everywhere except in the US state of New York and the European Economic Area (EEA). MoonPay's mpSOL offering enters a competitive landscape dominated by Solana-native liquid staking platforms, especially Marinade and Jito, each offering their liquid tokens with similar yields and flexible liquidity options. Ivan Soto-Wright, CEO and co-founder of Moonpay, said in a press release that the company is “removing the barriers” from crypto rewards. “We’ve built a product that mirrors the ease and familiarity of a traditional savings account, but with the earning potential of blockchain networks behind it.” MoonPay’s new feature follows Solana staking surge. Founded in 2019, MoonPay launched as a straightforward fiat-to-crypto gateway platform that provided infrastructure for buying, selling and swapping crypto using fiat services. Since then, the company has dabbled in many Web3 services and products, including NFTs, stablecoins, and now onchain yield. Its latest feature arrives at a moment when interest in staking, particularly on Solana, is gaining momentum. In April 2025, Solana briefly surpassed Ethereum in total value staked, reaching over $53.9 billion compared to Ethereum’s $53.7 billion. Solana staking offers an annualized return of around 8.3%, while Ethereum’s yield is around 3.2%. On Monday, DeFi Development Corp announced a recent purchase of 141,383 SOL, bringing its total Solana holdings to 999,999. Solana staking has also gained traction in the ETF space. The first Solana staking ETF launched on July 2. The fund surpassed $100 million in volume in its first twelve trading sessions, signaling strong investor demand, particularly from registered investment advisors (RIAs). On Wednesday, Upexi purchased 83,000 SOL tokens for $16.7 million, bringing the Solana treasury company’s total holdings to 1.9 million SOL. Robinhood also announced its introducing ETH and SOL staking for US customers.

In a bold move reflecting strong confidence in the Solana blockchain, Upexi Treasury has purchased an additional 83,000 SOL tokens. The acquisition cost the firm $16.7 million, further increasing its already massive position in the crypto asset. This latest buy boosts Upexi’s total Solana holdings to a staggering 1.9 million SOL. At current market prices, that stash is valued at approximately $381 million — putting Upexi among the largest institutional holders of SOL. The timing of Upexi’s purchase appears strategic. The broader crypto market has been showing renewed optimism, with Solana standing out due to its speed, low transaction fees, and growing ecosystem. By increasing its stake now, Upexi signals a long-term bullish outlook on Solana’s growth and its potential to challenge Ethereum in smart contracts and decentralized apps (dApps). This move may also inspire other institutional players to explore or expand their SOL holdings. Large-scale buys like this often influence market sentiment, especially when they come from treasuries or corporate entities. It reflects not just belief in short-term gains but a commitment to the underlying technology. With 1.9 million SOL under management, Upexi’s treasury strategy puts Solana at the center of its crypto portfolio — a move that may pay off handsomely if the token continues its upward momentum.