According to Cointelegraph: The Solana-based lending protocol MarginFi has seen a record outflow of nearly $200 million over the past two days, following the sudden resignation of CEO Edgar Pavlovsky amidst claims of misconduct from competitors.
On April 10, Pavlovsky abruptly announced his departure from MarginFi over alleged internal and external disputes. He stated his disapproval of the company's operations, which sparked controversy, further fueled by his public confrontation with users demanding the release of the long-promised MRGN governance token.
The controversy, marked by a string of online incidences involving Pavlovsky, has led to withdrawals from MarginFi reaching a staggering $191 million in just 48 hours, as per data from Dune Analytics.
Other Solana-based lending platforms have subsequently levied accusations against MarginFi for misrepresentation. For instance, SolBlaze accused MarginFi of failing to fulfill their promise of replenishing BLZE token emissions for users. However, MarginFi co-founder MacBrennan Peet counterclaimed that these accusations were "completely wrong" and attributed recent delays to "chain congestion" and user safety concerns.
In spite of the turbulent episode, MarginFi has sought to reassure its users, affirming that all its products were unaffected by the CEO's departure and the team remains committed to growing the protocol. However, no updates regarding the MRGN token launch have been shared so far.
