Solana Co-Founder Sued Over Millions in Crypto Dispute with Ex-Wife

Highlights:

• Solana co-founder sued for alleged crypto staking reward misuse.
• Solana’s staking gains have caused Elisa Rossi to suffer a huge loss.
• The case also illustrates the difficulties in crypto asset divorce disputes.

Stephen Akridge, co-founder of blockchain platform Solana, is facing legal action from his ex-wife, Elisa Rossi. Akridge is sued for misappropriating millions of dollars in staking rewards of Solana (SOL) tokens. The case, filed in San Francisco Superior Court, alleges financial improprieties during the couple’s divorce.

Solana Co-Founder Faces Lawsuit Accusing Him Of Stealing From Ex-Wife

Stephen Akridge is in the spotlight after his ex-wife Elisa Rossi accused him of siphoning “millions” in SOL staking rewards from her wallet.

The suit claims Akridge managed her accounts for months, taking… pic.twitter.com/SzufTI3DsS

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Claims of Financial Misconduct in Divorce

The lawsuit says Akridge used his blockchain knowledge to seize control of Rossi’s staking rewards. Staking is locking the crypto to participate in transactions while receiving more tokens in return. According to Rossi, Akridge took full control of her Solana accounts and retained all staking rewards between March and May 2023.

An Italian citizen living in Rome, Rossi says she didn’t know how to tell Akridge what he was doing. The documents also reveal efforts she made to attempt to secure the funds but Akridge merely dismissed them. While legal proceedings conceal the disputed sum, according to Rossi, the loss is considerable.

High Profile Case Highlights Crypto Difficulties

The two pursued divorce in February 2023 after ten years of their marriage. In their complaint, legal claims have been made, including breach of contract, fraud, and unjust enrichment. Akridge denies manipulating Rossi’s technical expertise in order to prevent him from sharing in their assets. Rossi was entitled to a part of the SOL tokens, whose market value has been fluctuating.

Solana’s value also dipped below $10, on the heels of Alameda Research being linked to one Sam Bankman-Fried. The cryptocurrency however has since recovered and is now one of the top-performing digital assets.

As of this writing, Solana is trading at $189, down by 1.05% in the past 24 hours. SOL is down 3% and 20% on the weekly and monthly charts, respectively. In addition, its market cap and trading volume stand at $89 billion and $2.16 billion, respectively.

The annual return on staked SOL tokens is 5-12%, and that’s a quite profitable staking option. Rossi’s lawsuit is the only one that should underscore the rising number of divorces involving crypto ownership and income disputes.

Crypto Assets in Legal Disputes

As Solana’s principal engineer, Akridge worked with other co-founders, Anatoly Yakovenko and Raj Gokal. In January 2023, he moved from Solana Labs to start Anza, a software development company. Despite his departure, he remains part of the ecosystem surrounding Solana.

Solana co-founder’s suing marks the broader challenges surrounding the division of the crypto industry in personal and financial conflicts. Dividing assets becomes more complicated when staking rewards generate profit for cryptocurrency holders. Making further claims that his earnings have been withheld, Rossi joins a legal complexities backdrop of growing blockchain technology.

Akridge and his legal representatives have yet to comment publicly on the allegations. Rossi’s legal team and Solana Labs had declined to issue statements.