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In the past two days, MarginFi faced a shocking crisis with over $260 million in funds being moved to rival Solana 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.
Accusations Against MarginFi Lead to CEO’s Resignation
MarginFi became the target of accusations published by SolBlaze 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.
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.
Issues with Token Distribution
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.
The congestion recently experienced by the Solana Blockchain 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.
Looking at the price of Solana following these developments, we see that the cryptocurrency is trading at the $173 level. The SOL 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.
