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

On May 15th, CoinFeed reported that Cobra (@barrett_io), co-founder of the Solana ecosystem DeFi project Ranger Finance, 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 already 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. The subsequent Drift attack depleted 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.