DeFi project Ranger Finance has announced it will be shutting down gradually due to funding pressures and the impact of a Drift attack.

According to Mars Finance, Cobra (@barrett_io), co-founder of Ranger Finance, a DeFi project in the Solana ecosystem, posted on the X platform that Ranger Finance is gradually shutting down. The project undertook business beyond its sustainable scope, with the founder investing personal funds to maintain operations. However, delayed fundraising led to accumulated bills. Ultimately, fundraising failed, and funds raised were returned. The team used the remaining two months' worth of operating funds to pay employees and suppliers as fairly as possible, but this was insufficient to cover all expenses. Unexpected treasury liquidation severely impacted budget decisions. Subsequently, the Drift attack depleted the remaining funds and personal capital. Vault users affected by the Drift attack will receive recovery tokens when distributed by the Drift team. The founder stated that in hindsight, the project should have been shut down sooner and apologized for the incident.