Withdrawals from the Solana-based DeFi protocol have reached record levels amid an apparent management meltdown and claims from competitors that it hasn’t met its promises.
Nearly $200 million of user funds have exited Solana-based lending protocol MarginFi over the last two days amid an abrupt resignation of the platform’s CEO and followed by accusations of wrongdoing from its competitors.
On April 10, the now-former CEO of MarginFi, Edgar Pavlovsky, suddenly announced he had resigned from MarginFi, citing disputes that had arisen from both within his firm and from outside of it.
“I resigned from mrgn today. From working on marginfi, from the research arm, from it all,” said Pavlovsky, adding:
