Amidst the positive signals for Solana, including a futures ETF proposal, negative news about the founding team has emerged. Could this impact Solana's reputation and trust?
Stephen Akridge, the co-founder of Solana, is facing a lawsuit from his ex-wife, Elisa Rossi, in a California state court. According to the allegations, Akridge concealed millions of dollars in SOL during the divorce proceedings, despite her entitlement to a share of the assets as per the divorce agreement.
Solana Co-Founder Stephen Akridge (far right). Source: PRNewswire.
Elisa Rossi, an Italian citizen currently residing in Rome, was married to Stephen Akridge for nearly a decade. During their marriage, the couple accumulated significant wealth, largely attributed to Akridge's role in co-founding Solana Labs, the company behind the development of the Solana blockchain.
According to CoinGecko, after their divorce in 2023, Rossi was entitled to a portion of the assets in the form of SOL tokens, the cryptocurrency with a current market capitalization of $90 billion.
However, issues arose when Akridge was accused of withholding Rossi's staking rewards. The SOL tokens belonging to her had been staked—a process of locking up cryptocurrency to support blockchain operations and earn interest rewards. Rossi alleges that although Akridge appeared to transfer control of the Solana assets to her, he retained the staking rewards that were rightfully hers, with an estimated value in the millions of dollars.
The lawsuit claims that Rossi repeatedly contacted Akridge from May to December 2023, demanding her staking rewards. However, Akridge allegedly refused and even mocked her in response.
"Good luck trying to get those staking rewards from me. "
-- Arkridge told Rossi --
This dispute not only highlights how crypto can become a source of conflict in divorce cases but also offers a rare glimpse into the personal finances of one of Solana’s co-founders. Although less prominent than the other two co-founders, Anatoly Yakovenko and Raj Gokal, Akridge remains a significant figure.
He departed from Solana Labs in early 2023 to establish Anza, a software development company for Solana, taking half of Solana Labs' team with him. Recently, he was also appointed CEO of Cyber Grant, a cybersecurity firm.
U.S. divorce law mandates an equitable distribution of assets between spouses after divorce. Source: Froerer & Miles.
Rossi's lawsuit highlights how crypto, with its complexity and the lack of understanding from some individuals, can become a tool for exploitation in asset disputes.
This case also reflects a broader issue as blockchain technology becomes increasingly integrated into finance and personal life: Regulators must establish clear laws to govern this type of asset, especially when disputes arise.