Ranger Finance, a DeFi project within the Solana ecosystem, is gradually shutting down after running out of operating resources. Cobra co-founder Cobra stated that the project had exceeded its sustainable financial capacity, and his personal Capital had been used to maintain operations.
According to this Chia , the slow Capital resulted in accumulating expenses, while the final Capital attempt was unsuccessful and the previously received funds were refunded. The team also used the remaining budget, equivalent to about two months of operation, to pay employee salaries and supplier payments.
Cobra stated that an unexpected treasury liquidation significantly impacted the project's budgeting decisions. Subsequently, the Drift-related attack further depleted the remaining funds and personal Capital he had invested in maintaining Ranger Finance.
Vault users affected by the Drift attack will receive recovery Token as distributed by the Drift team. Cobra said that, in retrospect, the project should have stopped sooner and he has apologized for the incident.
