MarginFi CEO Resigns Amid Internal Disagreements and $100 Million Capital Flight

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Cointime2024/04/11 05:25

By:Cointime

MarginFi's CEO, Edgar Pavlovsky, has resigned due to internal disagreements, resulting in $100 million in capital flight. However, the borrow-and-lend functions of MarginFi remain unaffected. MarginFi has faced criticism for not rewarding users with a token for earning points, and Solend has announced an airdrop to MarginFi users who move their money to Solend and keep it there. Despite experiencing $80 million in withdrawals, Kamino saw $51 million in deposits, its third largest day of inflows ever. MarginFi has not revealed when or if it will launch a governance token, but the departure of Pavlovsky will not affect mtnDAO, a coworking event hosted by MarginFi and Cypher.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Cryptopolitan•2025/04/06 03:22