Token

Solana

Save

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/marginfi-grapples-with-crisis-following-accusations-and-ceo-resignation/" data-wpel-link="internal">MarginFi Grapples with Crisis Following Accusations and CEO Resignation</a><br></p>
<p style="text-align: justify">In the past two days, <strong>MarginFi</strong> faced a shocking crisis with over $260 million in funds being moved to rival <a href="https://en.coin-turk.com/ftx-to-sell-3-4-billion-worth-of-crypto-reserves/" data-wpel-link="internal">Solana</a> platforms. This event was triggered by controversial accusations against the SolBlaze (BLZE) staking protocol and the resignation of CEO Edgar Pavlovsky. However, MarginFi subsequently tried to calm the panic by clarifying the issues with SolBlaze and assuring users about the protocol’s resilience.</p> 
<h2 style="text-align: justify" id="accusations-against-marginfi-lead-to-ceo-s-resignation">Accusations Against MarginFi Lead to CEO’s Resignation</h2> 
<p style="text-align: justify">MarginFi became the target of accusations published by <strong>SolBlaze</strong> on Wednesday. SolBlaze accused MarginFi of refusing to distribute BLZE to users and maliciously using a large amount of BLZE tokens. Following these accusations, the crisis deepened with the resignation of CEO Edgar Pavlovsky. The issue became a hot topic particularly within the Solana community.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-339643 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/solana-coin-turk-com-.png" alt="" width="672" height="524"></p> 
<p style="text-align: justify">Following these events, MarginFi users panicked and withdrew more than $260 million from the platform, quickly transferring it to rival Solana platforms. This situation also triggered efforts by Solend (SLND) to attract users to its own platform by promising a swift airdrop. As a result, deposits on the Solend platform increased by about 12%, while the native SLND token saw a 44% increase in value.</p> 
<h2 style="text-align: justify" id="issues-with-token-distribution">Issues with Token Distribution</h2> 
<p style="text-align: justify">However, a recent move by one of the founding partners shows that SolBlaze made a mistake regarding how long MarginFi would distribute tokens. The lack of clarity on the duration raises questions. A statement made as seven days instead of three weeks indicates the magnitude of the error.</p> 
<p style="text-align: justify">The congestion recently experienced by the Solana <strong><a href="https://coin-turk.com/blockchain-teknolojisi-ve-bitcoin-1-0-2-0-ve-3-0" data-wpel-link="internal">Blockchain</a></strong> is being pointed to as the source of this mistake. As is known, network congestions, especially on Solana, have been a frequent topic of discussion lately. There have even been complaints about user transactions being disrupted due to network congestion. Despite the multimillion-dollar withdrawal transactions encountered, MarginFi staff and the resigning CEO praised the protocol’s resilience.</p> 
<p style="text-align: justify">Looking at the price of <strong>Solana</strong> following these developments, we see that the cryptocurrency is trading at the $173 level. The <a href="https://en.coin-turk.com/solana-nears-pre-ftx-peak-in-total-value-locked/" data-wpel-link="internal">SOL</a> price had attracted attention with its recent increase, having advanced to the $210 level. However, SOL has not yet surpassed the $210 resistance. It is expected that the Solana price will overcome this resistance in the upcoming periods and exceed its historical record of $259.90.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/marginfi-grapples-with-crisis-following-accusations-and-ceo-resignation/" data-wpel-link="internal">MarginFi Grapples with Crisis Following Accusations and CEO Resignation</a></h5>

MarginFi Grapples with Crisis Following Accusations and CEO Resignation

Table of Contents

COINTURK NEWS

Other articles published on Apr 12, 2024

Binance Coin Price Prediction: Could the value of Binance Coin surge beyond $1679 by 2029

Ethereum Price Faces Crucial Test, Can ETH Clear This Hurdle To Kickstart Rally?

Key Altcoins Face Challenges: Investors Beware

Worldcoin’s World (WLD) App hits 10 million users, boosting global crypto engagement

PEPE’s big 10% price hike – Here’s one reason to thank Dogecoin

Ripple Price Prediction: XRP Price Has Highest Potential This Bull Run, Predicts Analyst

Join our free newsletter for daily crypto updates!