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News

Solana Co-founder Sued for Embezzling SOL Staking Profits from Ex-Wife

14 hours ago - Around 2 mins mins to read

Key Points:

  • Solana co-founder Stephen Akridge is being sued by his ex-wife, Elisa Rossi, for allegedly misappropriating millions of dollars in staking rewards from her Solana holdings.
  • Rossi claims Akridge exploited his advanced blockchain expertise to control her accounts and siphon earnings.
According to Bloomberg, Stephen Akridge, a co-founder of the blockchain platform Solana, is facing court over claims by his ex-wife, Elisa Rossi, that he siphoned staking rewards from her digital wallet.
Solana Co-founder Sued for Embezzling SOL Staking Profits from Ex-Wife

Read more: Former FTX Executive Gets Prison Sentence Reduced by More Than a Year  

Solana Co-Founder Sued Over Alleged Crypto Misuse

Rossi contends that Akridge used his complex knowledge of cryptocurrencies to transfer earnings that belong to her, which is linked with Solana SOL.

The lawsuit, filed in San Francisco Superior Court, alleges the Solana co-founder took advantage of the couple’s disparity in blockchain experience to siphon off “millions of dollars” in staking rewards, a process by which cryptocurrency is pledged to validate blockchain transactions in exchange for additional tokens.

According to the complaint, the misappropriation allegedly occurred from early March to mid-May, with Akridge reportedly taking full control of the accounts and commissions tied to Rossi’s SOL tokens.

Legal Battle Highlights Crypto Disputes in High-Stakes Divorce

Solana is the sixth-biggest cryptocurrency by market value and recently clawed its way back to prominence after tumbling in value with the implosion of the FTX exchange. The value of the tokens at issue remains redacted, but Rossi described the amounts as “significant” in requesting that portions of the complaint remain confidential.

This latest dispute arises after the couple’s divorce filing in February of 2023, ending 10 years of their marriage. Rossi is alleging breach of contract, fraud, and unjust enrichment against the Solana co-founder.

Akridge, who joined as a principal engineer from Qualcomm, became an integral player in founding Solana along with other co-founders Anatoly Yakovenko and Raj Gokal. In the wake of its early associations with now-disgraced FTX founder Sam Bankman-Fried, Solana has developed into one of the premier blockchain platforms in the world.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Elisa Rossi

SOL

Solana

Solana Co-founder

Stephen Akridge

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.