Reported by Cointelegraph, 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:
“I don’t agree with the way things have been done internally or externally.”
Hours earlier, Pavlovsky had been trading blows with users on X who had been requesting that the protocol launch its long-anticipated MRGN governance token.
“After today, feels maximally right to push back any kind of token. Will see what I can do internally to brick this,” wrote Pavlovsky in a now-deleted post to X on April 11, which also saw a heated response from the community.
In the wake of the controversy — seemingly worsened by a stream of public insults from the former CEO — withdrawals from MarginFi have reached as high as $191 million in the last 48 hours, according to Dune Analytics data.