Blaming Solana (SOL) for the spate of frauds and scams on the blockchain is misguided, according to crypto analyst Justin Bons, the founder and CIO of Cyber Capital, a European cryptocurrency fund.

Bons expressed this view in a Twitter post defending SOL, which is currently facing an image crisis due to high-profile meme coin scams on its platform. The recent $4.5 billion $Libra token scandal has linked Argentine President Javier Milei, while accusations of insider trading involving the US First family have negatively impacted many users.

The CIO, a notable supporter of Solana, argued that the blockchain’s popularity explains why scammers prefer it over others. He likened SOL’s current challenges to those faced by Bitcoin (BTC) and Ethereum (ETH) during their peak periods.

He stated:

> “Scammers & criminals will always seek out the cutting-edge, as it is on this frontier where they can extract the most, just like the Wild West of old. Does that make the frontier bad? Of course not, in the same way that BTC & ETH were not bad during their heydays.” – Justin Bons

Solana Faithful Must Accept Some Degree of Chaos and Danger

Bons further argued that SOL is an open, public, and genuinely decentralized chain, which makes it difficult to keep scammers at bay. Users must accept this risk in exchange for the freedoms they enjoy. He called this bravery and challenged those who find it unacceptable to switch to centralized chains.

He also compared Solana’s current struggles to the early internet, which initially had higher levels of adult content and cyber crimes. However, these issues diminished over time as public adoption and consumer protections improved the internet’s reputation.

Despite recognizing the parallels between SOL and the early internet, Bons highlighted a key difference: unlike the internet, Solana consists of numerous competing protocols. This competitive market dynamic encourages innovation but also exposes users to more risks, necessitating acceptance of some chaos in exchange for freedom.

Bons’ Solana Defense Divides Opinion

Bons’ analysis sparked mixed reactions. Some users on social media agreed with him while others countered his views. Supporters, such as users @Infrablix and @study0718, found merit in his comparisons between the current crypto landscape and the internet’s early days.

Conversely, user @HawktuahA criticized SOL’s structure for enabling exploitation and questioned its validity. Meanwhile, some users resorted to satire, with user CardanoDave posting a meme that mocked Bons’ defense. Roy stomp went further, labeling Bons a scammer. Similarly, user Xaspa samurai called Bons a jukebox, implying he was catering to the interests of venture capitalists and corporations.

What Can Solana Do to Redeem Its Image?

Respondents also suggested strategies for SOL to rejuvenate its reputation. Tommy WorldPower recommended that Solana implement a decentralized enforcement system to freeze suspicious wallets and reimburse affected users. Robert Sasu criticized SOL for lacking tools to prevent scams and proposed establishing strict limits on token launches, which could eliminate most automatically generated ones.

Bons himself suggested bringing back Initial Coin Offerings (ICOs) on a larger scale, as the existing regulatory environment would permit such actions. He argued that ICOs helped level the playing field for both venture capitalists and retail investors.