Solana co-founder, Stephen Akridge, is being sued for manipulating and taking millions of dollars from his ex-wife’s staking rewards. Elisa Rossi filed the case in the San Francisco Superior Court, claiming that Akridge used his technical knowledge of digital assets and the blockchain to take the profits from her Solana holdings.
Staking is a popular crypto process where users lock their digital assets to validate transactions in exchange for yields. Rossi further argued that Akridge operated her staking accounts valued in the millions without authorization and collected all rewards.
The case is currently pending in the San Francisco court. Akridge faces five counts: breach of contract, implied covenant of good faith and fair dealing, unjust enrichment, breach of fiduciary duty, and fraud.
INTEL: Solana co-founder Stephen Akridge faces a lawsuit from ex-wife Elisa Rossi, alleging he stole “millions” from her SOL staking rewards. Claims include breach of contract, unjust enrichment, and fraud
— Solid Intel 📡 (@solidintel_x) December 28, 2024
Akridge Used His Skills To Commit Fraud, Ex-Wife Says
The couple married on March 8th, 2013, when Akridge was working with Qualcomm Inc. After five years, Akridge was recruited by a colleague, Anatoly Yakovenko, to start a crypto company which became Solana Labs. The couple ended their 10-year marriage by filing for divorce in February 2023.
As the founders, they developed the Solana blockchain promise to speed up transactions and its decentralized arrangement. Rossi claimed that Akridge used his expertise in the blockchain to control her digital asset holdings. While Rossi did not identify the total losses, she claimed the lost amount is “significant.”
In the suit, Rossi claimed that she contacted Akridge, but the defendant refused to respond to several inquiries and made it clear that he had no intention of returning the funds. She added that Akridge even laughed in her face, telling her not to expect her staking profits to return.
Solana On The Rise
Rossi’s complaint comes at a time when Solana’s price is starting to recover. The blockchain has a rough history after its launch in 2017. Immediately after its launch, the project impressed many through its proof-of-history consensus mechanism and fast transactions. Solana’s speed and efficiency made it a competitor to Ethereum, particularly in DeFi and NFTs.
However, Solana’s rise has been marred by controversy, including its connections to Sam Bankman-Fried’s Alameda Research. At the height of the FTX controversy, the SOL price dived to $10, but it has since recovered and is trading above $170 this December. Considering SOL’s recent price recovery, Rossi’s alleged lost staking rewards can be worth millions.
So, What Happens Next To The Akridge-Rossi Rift?
The case is pending at the San Francisco Superior Court, and Akridge or even the Solana team has yet to comment on the issue publicly. Akridge is currently the CEO of Cyber Grant Inc.
Although the case is still pending, this issue can still affect Akridge’s standing in the crypto sector.
Featured image from DALL-E, chart from TradingView
