--- title: "Solana's Standalone Decline: Alon's Silence and the RICO Trigger" date: 2025-12-17T03:40:06+00:00 canonical: https://funkyonchain.pages.dev/en/p/솔라나의-나-홀로-추락-알론의-침묵과-rico라는-트리거/ original: https://t.me/funkyonchain/2182 publisher: Funkyonchain lang: ko license: CC-BY-4.0 --- # Solana's Standalone Decline: Alon's Silence and the RICO Trigger > 📉 Solana's Standalone Decline: Alon's Silence and the RICO Trigger 📉 Solana's Lonely Freefall: Alon's Silence and the RICO Trigger Eng ver : The entire crypto market is facing a winter chill. But Solana (SOL) is experiencing a different kind of cold. 📉 Solana's Standalone Decline: Alon's Silence and the RICO Trigger 📉 Solana's Lonely Freefall: Alon's Silence and the RICO Trigger Eng ver : https://x.com/funky_onchain_/status/2001135038558351849 The entire crypto market is facing a winter chill. But Solana (SOL) is experiencing a different kind of cold. While Bitcoin holds around $87,000 in a cautious market, Solana is sinking as if the floor has fallen out beneath it. It's down 55% from its ATH—a decline that goes beyond a simple correction. Many investors are asking: “Why is Solana falling so much harder than everything else?” This unsettling decoupling can't be explained by profit-taking or a cooling of technical overbought conditions alone. To find the invisible trigger, we need to look beyond the chart and examine the court record: Docket 116. What is weighing on Solana isn't simply selling pressure. The legal offensive against [Pump.fun](http://Pump.fun/), once the heart of the ecosystem, Jito, which served as its circulatory system, and the Solana Foundation, which provided the infrastructure, has escalated into the explosive issue of RICO, the organized crime law. 1️⃣ 40 Days of Silence: The Unsettling Signal of an Absent Leader Alon ([@a1lon9](https://t.me/a1lon9)), co-founder of [Pump.fun](http://Pump.fun/) and an architect of the Solana memecoin supercycle, has been absent from Twitter for more than 40 days. The market initially reassured itself that he was taking a break, but the hard truth is that he is in a state of “legal quarantine” imposed by his lawyers. When the Southern District of New York approved the plaintiffs' filing of a Second Amended Complaint (SAC) on December 9, Alon's silence became a matter of survival rather than choice. The market isn't foolish. The fact that the ecosystem's loudest voice has gone quiet sends a powerful signal that the situation inside is dangerously out of control. A leadership vacuum creates uncertainty, and capital has a strong aversion to uncertainty. 2️⃣ Jito Sued: Did the Casino's Dealer Cheat? The real reason this downturn is especially painful—and the most important issue in this article—is the allegations against Jito Labs. Jito provides additional returns to validators and investors through MEV, or maximal extractable value, on the Solana network. It is effectively a core revenue engine of the Solana economy: the machine generating money behind the narrative that “Solana is fast and cheap.” But the complaint filed in court makes a startling allegation: Jito conspired with [Pump.fun](http://Pump.fun/) to create an uneven playing field. • Institutionalizing sandwich attacks: The complaint alleges that Jito's bundle system gave insiders access to ordinary retail traders' buy orders in advance, allowing them to buy first (front-run) and sell afterward (back-run) for risk-free profits. • Technical collusion: The complaint portrays this as more than passive observation, alleging that Jito's tools were optimized to give insiders' transactions priority execution. Investors won't assign a high valuation to a car (Solana) with a broken engine (Jito). Worse still is the allegation that the engine was designed to pick passengers' pockets rather than take them to their destination. This is the key link to the collapse in confidence in Solana's fundamentals. 3️⃣ The 5,000 Chat Logs Described as a Smoking Gun The decisive basis for the court's approval of the second amended complaint was 5,000 Telegram and Discord chat logs provided by a whistleblower. According to the plaintiffs, the logs show Solana Labs engineers giving [Pump.fun](http://Pump.fun/) developers technical guidance on how insiders could acquire tokens first. If true, that would shatter the Solana Foundation's defense that “we are merely a neutral infrastructure provider” under Section 230. They would no longer be the people who built the road, but accomplices who plotted the getaway route for a bank robber. 4️⃣ The RICO Label: An Exodus of Institutional Capital The fact that the court has begun examining the case through the lens of RICO, the organized crime law, rather than as a simple securities fraud case, is a serious blow to Solana. RICO is a law used against the Mafia. Damages can be tripled. More frightening than the money, however, is the stigma. Under institutional investors' compliance rules, assets linked to allegations of organized crime cannot be held in portfolios. If they're already held, they must be sold immediately. • A $240 million transfer to Coinbase Institutional: The recently observed large SOL movement may be more than a whale changing their mind. It is highly likely to be an emergency exit by institutional capital moving to manage risk. • ETF outflows: Money has also begun leaving previously successful Solana ETFs, a development that fits the same pattern. In their eyes, Solana is no longer an “innovative blockchain,” but a bundle of regulatory risk whose assets could be frozen at any time. 5️⃣ Conclusion: The Trigger Has Been Pulled and the Premium Is Disappearing This decline is more than a simple correction. It is a rapid repricing of the premium Solana carried as a memecoin platform, driven by legal risk. Alon's silence planted the seed of unease, and the expansion of the lawsuit in December and the emergence of the chat logs turned that unease into fear. With the killer app [Pump.fun](http://Pump.fun/) coming to a halt and the foundation in court, Solana faces the difficult task of proving its value all over again. One thing is clear: Until the legal uncertainty is resolved or a new growth driver emerges to replace [Pump.fun](http://Pump.fun/), Solana's standalone decline could persist as a structural trend. Disclaimer: This article presents analysis based on public court records (Case 1:25-cv-00880) and market circumstances. It is not a solicitation to invest or financial advice. [#SOL](?q=%23SOL) [#Solana](?q=%23Solana) [#Jito](?q=%23Jito) [#Pumpfun](?q=%23Pumpfun) [#CryptoInsight](?q=%23CryptoInsight) --- 출처 / Source: Funkyonchain — https://funkyonchain.pages.dev/en/p/솔라나의-나-홀로-추락-알론의-침묵과-rico라는-트리거/ 원문 / Original Telegram post: https://t.me/funkyonchain/2182