Svmuu News: Cobra (@barrett_io), co-founder of Solana ecosystem DeFi project Ranger Finance, posted on platform X stating that Ranger Finance is gradually shutting down.
He stated that the project has long sustained operations beyond a sustainable scope, with the founder continuously investing personal funds to maintain the team's operations. However, bills accumulated due to delays in financing. Ultimately, the financing was not completed, and the funds that had been raised were returned.
Cobra stated that the team attempted to use the final two months of operating funds to pay employees and suppliers as fairly as possible, but it was still insufficient to cover all expenses. Additionally, the treasury liquidation situation exceeded expectations, severely impacting budget decisions. The subsequent Drift attack further drained the remaining funds and personal capital.
Regarding users affected by the Drift attack, Cobra stated that relevant 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.