Solana co-founder Stephen Akridge is being sued for manipulating and receiving millions of dollars in bounties from his ex-wife. Elisa Rossi <a target="_blank" href="https://www.law.com/therecorder/2024/12/26/solana-labs-co-founder-allegedly-pocketed-ex-wifes-millions-of-dollars-of-crypto-gains/” target=”_blank” rel=”noopener nofollow”>presented the case in San Francisco Superior Court, alleging that Akridge used his technical knowledge of digital assets and blockchain to profit from his holdings in Solana.
Staking is a popular cryptographic process in which users lock their digital assets to validate transactions in exchange for returns. Rossi further argued that <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-12-27/solana-pioneer-sued-by-ex-wife-over-crypto-token-staking-gains” target=”_blank” rel=”noopener nofollow”>Akridge operated his betting accounts valued in millions without authorization and collected all the rewards.
The case is currently pending in San Francisco court. Akridge faces five charges: breach of contractinvolved a covenant of good faith and fair dealing, unjust enrichment, breach of fiduciary duty and fraud.
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INTEL: Solana co-founder Stephen Akridge is facing a lawsuit from his ex-wife Elisa Rossi, alleging he stole “millions” of her rewards for staking on SOL. The claims include breach of contract, unjust enrichment and fraud.
– Solid Intel (@solidintel_x) <a target="_blank" href="https://twitter.com/solidintel_x/status/1872818395344990435?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>December 28, 2024
Akridge used his skills to commit fraud, ex-wife says
The couple married on March 8, 2013, when Akridge was working with Qualcomm Inc. After five years, a colleague, Anatoly Yakovenko, recruited Akridge to start a crypto company that became Solana Labs. The couple ended their 10-year marriage by filing for divorce in February 2023.
As founders, they developed the Solana blockchain's promise of accelerating transactions and its decentralized layout. Rossi claimed that Akridge used its blockchain expertise to control its digital asset holdings. While Rossi did not identify total losses, he said the amount lost is “significant.”
In the lawsuit, Rossi claimed that he contacted Akridge, but the defendant refused to answer several questions and made it clear that he had no intention of returning the funds. He added that Akridge even laughed in his face and told him not to expect his bet winnings to return.
Solana rising
Rossi's complaint comes at a time when The price of Solana. is starting to recover. The blockchain has a rocky history after its launch in 2017. Immediately after its launch, the project impressed many with 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 his connections to Sam Bankman-Fried's Alameda Research. At the height of the FTX controversy, SOL's price fell to $10, but has since recovered and is trading above $170 this December. Considering SOL's recent price recovery, Rossi's alleged lost rewards may be worth millions.
So what will happen after the Akridge-Rossi breakup?
The case is pending in San Francisco Superior Court, and Akridge or even Solana's team has yet to comment publicly on the issue. Akridge is currently the CEO of Cyber Grant Inc.
Although the case is still pending, this issue may still affect Akridge's position in the crypto sector.
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