Barrett Williams, co-founder of Ranger Finance, a company operating in the cryptocurrency sector, announced that the project has entered the process of ceasing operations.
In its statement, Williams acknowledged that the company had lost its sustainability and that it was unable to fully meet its obligations to some employees and business partners.
Williams stated that Ranger was struggling to grow beyond its capacity and, with weakening cash flow, the founders were using their personal capital to keep the company afloat. He explained that the company had conducted a funding round through MetaDAO to raise capital, but delays in the process had resulted in a backlog of bills. It was also reported that some team members continued working knowing they would not receive salaries until new capital arrived.
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Williams stated that after the completion of the funding round, the company had only two months of operating budget remaining, noting that while existing resources were being distributed as fairly as possible among employees and suppliers, this was insufficient to cover all debts. Furthermore, the unexpected liquidation of the company treasury severely disrupted budget planning.
Williams stated that, following the problems experienced, the Drift hack attack further increased the pressure on Ranger. The attack reportedly significantly depleted the company’s remaining momentum and the personal capital used to sustain the project.
*This is not investment advice.
Continue Reading: A Cryptocurrency Project Has Decided to Shut Down for Good
