Ranger Finance announces gradual shutdown, citing funding pressures and impact from Drift attack

Odaily Odaily News: Cobra (@barrett_io), co-founder of Solana ecosystem DeFi project Ranger Finance, posted on X platform stating that Ranger Finance is gradually shutting down.

He stated that the project has long undertaken business operations beyond sustainable levels, and the founder had been continuously injecting personal funds to maintain team operations. However, due to delays in financing, bills continued to accumulate. Ultimately, the financing was not completed, and the raised funds have also been returned.

Cobra stated that the team tried to use the operating funds from the final two months to pay employees and suppliers as fairly as possible, but it still wasn't enough to cover all costs. Additionally, the treasury liquidation exceeded expectations, severely impacting budget decisions. The subsequent Drift attack event further depleted the remaining funds and personal capital.

For vault users affected by the Drift attack, Cobra stated that related recovery tokens will be provided when the Drift team distributes them later. He also acknowledged that, in hindsight, the team should have shut down the project earlier, and apologized for this.