Cobra, co-founder of Ranger Finance (@ barrett_io), stated in an article on X platform that the project had accumulated bills due to business and financing delays beyond its sustainable scope, resulting in financing failure and the funds raised have been returned. The team used the remaining two months of funds to pay employees and suppliers, but cannot cover all expenses. The unexpected liquidation of the treasury affected budget decisions, followed by Drift attacks that depleted remaining funds and personal capital. Vault users affected by the attack will receive recovery tokens when distributed by the Drift team. The founder stated that the project should have been closed earlier and apologized.
