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Solana Co-Founder Faces Lawsuit Over Alleged Staking Rewards Misuse
According to Cointelegraph, Solana co-founder Stephen Akridge is facing legal action from his ex-wife, Elisa Rossi, who has accused him of secretly profiting from her Solana (SOL) tokens through staking rewards. The lawsuit was filed in San Francisco’s Superior Court on December 24, alleging that Akridge earned millions of dollars in staking rewards from tokens that Rossi claims belong to her, without her knowledge.
The complaint outlines that Akridge, who was a principal engineer at Solana Labs after co-founding the company in 2018, is now the CEO of the cybersecurity firm Cyber Grant. Rossi's lawsuit claims that their divorce agreement in March was supposed to divide their SOL holdings. However, she alleges that Akridge exploited her lack of expertise in cryptocurrencies to maintain control over the tokens and continue earning staking rewards.
Rossi's complaint further alleges that Akridge only granted her Solana wallet authority over three accounts containing the tokens, allowing him to continue staking them secretly and earning rewards until she discovered the situation in May 2024. While the exact number of SOL tokens and the amount allegedly misappropriated are redacted in the complaint, it is noted that the sum exceeds $25,000. An accompanying filing highlights the significant sums involved, requesting parts of the lawsuit to be sealed.
The lawsuit also mentions that Solana reached an all-time high of $263 last month and has gained over 80% this year, trading at $194. This rise is attributed to Solana hosting several popular crypto trends in 2024, including memecoins. Solana users can earn additional SOL through staking, a process where SOL is locked up and used to validate blockchain transactions, with rewards given in SOL.
Rossi claims that between May and December, she sent numerous text messages to Akridge regarding the allegedly stolen staking rewards. The suit alleges that Akridge showed no intention of returning the rewards, reportedly laughing at Rossi and dismissing her attempts to reclaim them. Akridge has not responded to requests for comment sent via LinkedIn, and Cyber Grant has been contacted for a statement. Information regarding Akridge’s legal representation was unavailable at the time of writing.
The complaint outlines that Akridge, who was a principal engineer at Solana Labs after co-founding the company in 2018, is now the CEO of the cybersecurity firm Cyber Grant. Rossi's lawsuit claims that their divorce agreement in March was supposed to divide their SOL holdings. However, she alleges that Akridge exploited her lack of expertise in cryptocurrencies to maintain control over the tokens and continue earning staking rewards.
Rossi's complaint further alleges that Akridge only granted her Solana wallet authority over three accounts containing the tokens, allowing him to continue staking them secretly and earning rewards until she discovered the situation in May 2024. While the exact number of SOL tokens and the amount allegedly misappropriated are redacted in the complaint, it is noted that the sum exceeds $25,000. An accompanying filing highlights the significant sums involved, requesting parts of the lawsuit to be sealed.
The lawsuit also mentions that Solana reached an all-time high of $263 last month and has gained over 80% this year, trading at $194. This rise is attributed to Solana hosting several popular crypto trends in 2024, including memecoins. Solana users can earn additional SOL through staking, a process where SOL is locked up and used to validate blockchain transactions, with rewards given in SOL.
Rossi claims that between May and December, she sent numerous text messages to Akridge regarding the allegedly stolen staking rewards. The suit alleges that Akridge showed no intention of returning the rewards, reportedly laughing at Rossi and dismissing her attempts to reclaim them. Akridge has not responded to requests for comment sent via LinkedIn, and Cyber Grant has been contacted for a statement. Information regarding Akridge’s legal representation was unavailable at the time of writing.
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