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Solana Co-Founder Sued for Allegedly Stealing ‘Millions of Dollars’ Worth of Crypto Staking Rewards: Report

A co-founder of Ethereum ( ETH ) rival Solana ( SOL ) is reportedly facing a lawsuit for allegedly misappropriating the income earned from his former wife’s crypto holdings. Bloomberg reports that Elisa Rossi has filed a complaint with the San Francisco Superior Court accusing her ex-husband Stephen Akridge of stealing millions of dollars worth of staking rewards gained from her Solana tokens. Staking rewards are similar to interest earned from a bank deposit. Crypto holders who participate in the staking process lock their assets for a certain period to validate blockchain transactions and earn more tokens as a reward. The complaint says the dispute started after Akridge and Rossi filed for divorce in February 2023. Rossi alleges that from early March to mid-May, Akridge operated and controlled the accounts in issue and received all of the SOL token commissions. Rossi says that Akridge, who served as principal engineer at Solana and is now the CEO of California-based cybersecurity company Cyber Grant, “took advantage of the significant disparity in expertise in cryptocurrencies and blockchain that he possessed.” The value of the tokens in dispute is blacked out in the suit but Rossi says a significant sum is involved. She is seeking damages for claims and contends that Akridge engaged in breach of contract, unjust enrichment and fraud. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Solana Co-Founder Sued for Allegedly Stealing ‘Millions of Dollars’ Worth of Crypto Staking Rewards: Report appeared first on The Daily Hodl . AMB Crypto

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El Salvador crosses 6,000 Bitcoin milestone with latest purchase, portfolio up 105%

El Salvador now holds more than 6,000 Bitcoin, reaching this milestone after adding another BTC on Dec. 29. The country’s Bitcoin ( BTC ) treasury now stands at 6,000.77 BTC, valued at approximately $561.3 million according to the National Bitcoin Office’s portfolio tracker . The latest purchase continues El Salvador’s steady accumulation strategy. The portfolio has shown an increase of 19 BTC over the past week and 53 BTC over the last month, worth $1.77 million and $4.95 million, respectively. Source: Bitcoin Office tracker This systematic approach has proven profitable, with the nation’s Bitcoin investments showing an unrealized gain of 105% return based on an average acquisition cost of $45,465. You might also like: Neur.sh price surges 150%, Would pumps 85%, Bitcoin and Ethereum show little movement El Salvador’s crypto journey El Salvador made history on Sept. 6, 2021, when it became the first country to adopt cryptocurrency as legal tender. The country started with an initial purchase of 200 BTC. Since then, the nation has maintained a consistent acquisition strategy. This includes the recent $1 million purchase following a significant $1.4 billion agreement with the International Monetary Fund (IMF). President Nayib Bukele’s administration has remained steadfast in its Bitcoin strategy despite initial skepticism from international financial institutions, particularly the IMF. The government’s daily Bitcoin purchase program has contributed to making El Salvador the sixth-largest Bitcoin holder among nations. The country has joined the ranks of major global powers, including the United States, China, and the United Kingdom. The country’s Bitcoin portfolio has gained substantial value during the recent cryptocurrency market recovery. The country’s holdings are now worth over half a billion dollars. Through its National Bitcoin Office, El Salvador continues to expand its cryptocurrency initiatives. According to the data from Nayib Tracker , the country’s BTC stash is now worth an unrealized gain of $152 million. Read more: BONK reclaims top Solana meme coin spot, dethrones PENGU AMB Crypto