Solana co-founder Stephen Akridge accused of misappropriating ex-wife’s crypto good points

Stephen Akridge, co-founder of Solana, is embroiled in a authorized dispute together with his ex-wife, Elisa Rossi, over alleged misappropriation of considerable good points from Solana (SOL) tokens, Bloomberg Information reported on Dec. 27.

Rossi claims that Akridge used his superior experience in crypto and blockchain to siphon off staking rewards from her digital pockets.

In line with the grievance, Akridge’s actions resulted in Rossi shedding “thousands and thousands of {dollars}” in earnings. She additional alleged that Akridge managed her accounts from early March to mid-Might and reaped 100% of the staking commissions allotted to her SOL holdings.

Whereas the precise worth of the disputed tokens stays undisclosed, Rossi has described the sums as “vital” and requested parts of the grievance be saved confidential. Solana Labs and attorneys representing Akridge and Rossi haven’t commented publicly.

Akridge was a principal engineer at Solana and performed a key position in creating the blockchain platform alongside co-founders Anatoly Yakovenko and Raj Gokal. Earlier than his involvement in Solana, Akridge labored at Qualcomm Inc. He’s now the CEO of Cyber Grant, a California-based cybersecurity agency.

The couple filed for divorce in February 2023 after a decade of marriage. Rossi’s lawsuit alleges breach of contract, unjust enrichment, and fraud and seeks damages for the monetary losses she claims to have incurred.

Liquid staking development on Solana

In line with completely different platforms, staking SOL tokens grants an annual share yield (APY) starting from 5.6% to 12%.

Nevertheless, customers increase their yields utilizing liquid staking platforms, as the full worth locked (TVL) on Jito suggests. The protocol is the most important on Solana by TVL, approaching $2.7 billion per DefiLlama information. The liquid staking market represents roughly 50% of Solana’s total TVL.

Liquid staking provides the person a proxy token in the identical quantity allotted in staking, along with the platform’s APY. Because of this, the brand new token generated can be utilized on completely different decentralized finance protocols, boosting potential rewards.

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