Solana Co-Founder accused of Crypto Misappropriation
Co-founder of Solana Stephen Akridge and his ex-wife Elisa Rossi are involved in a legal battle over the alleged theft of significant profits from Solana (SOL) tokens.
According to Rossi, Akridge drains her digital wallet’s staking rewards using his sophisticated knowledge of blockchain and cryptocurrency. Rossi lost “millions of dollars” in revenue because of his actions.
She claimed that Akridge received all the staking commissions allotted to her SOL holdings and had complete control over her accounts from early March to mid-May.
The couple filed for divorce in February 2023 after ten years of marriage. Rossi’s lawsuit seeks damages for the alleged financial losses she sustained and alleges fraud, unjust enrichment, and breach of contract.
Rossi has called the amounts “significant” and asked that some parts of the complaint be kept private although the precise value of the contested tokens is still unknown. Solana Labs and the lawyers for Rossi and Akridge have refrained from making any public remarks.
Akridge worked closely with co-founders Raj Gokal and Anatoly Yakovenko to develop the blockchain platform. Akridge was earlier working with Qualcomm before his involvement with Solana.
He currently serves as the CEO of the cybersecurity company Cyber Grant, based in California.
Various platforms claim that staking SOL tokens yields an annual percentage yield (APY) between 5 and 12 percent.
The liquid staking market accounts for about half of Solana’s total TVL. In addition to the platform’s APY, users who engage in liquid staking receive a proxy token worth the same amount when they staked. This increases the potential rewards because the newly created token can be used on various decentralized finance protocols.
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