Marginfi CEO Steps Down, Triggers Major Fund Withdrawals

Marginfi CEO Steps Down, Triggers Major Fund Withdrawals

By Jakub Lazurek

14 Apr 2024 (2 months ago)

1 min read

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Marginfi CEO resigns, sparking a $100M exodus and a 25% TVL drop

Marginfi, a DeFi platform on Solana, sees a shakeup as CEO Edgar Pavlovsky steps down amid internal disputes.

This leadership shift led to a significant $100 million withdrawal, accounting for a 25% dive in total investments.

Pavlovsky parted ways due to clashes over the firm's strategies, a move that Marginfi acknowledged, sparking financial uncertainty.

Following his exit, the company's worth dipped below $600 million, hinting at lost investor confidence.

The platform's reputation took another hit due to a public spat with SolBlaze, a Solana staking pool, regarding token governance. During this turmoil, Solend, a competitor, is luring Marginfi customers with rewards for transferring their funds.

Furthermore, Solana’s network has recently suffered bottlenecks, with bot attacks contributing to a high rate of failed transactions, adding to the sector's ongoing challenges.

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