Barrett Williams, co-founder of Ranger Finance, a company operating in the cryptocurrency sector, announced that the project has entered the process of leasing operations.
In his statement, Williams acknowledged that the company had lost its sustainability and was unable to fully fulfill its obligations to certain employees and business partners.
Williams said Ranger was struggling to grow beyond its capabilities, and with cash flow weakening, the founders were using their personal capital to keep the company afloat. He explained that the company led a funding round through MetaDAO to raise capital, but delays in the process resulted in a backlog of invoices. It was also reported that some team members continued working knowing they would not receive a salary until new capital arrived.
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Williams said that after the funding cycle ended, the company was left with only two months of operating budget, noting that while existing resources were distributed as fairly as possible between employees and vendors, this was insufficient to cover all debts. Furthermore, the unexpected liquidation of the company’s cash flow significantly disrupted budgetary planning.
Williams said that as a result of the problems encountered, the Drift hack attack further increased pressure on Ranger. The attack would have significantly reduced the company’s remaining momentum and personal capital used to support the project.
*This does not constitute investment advice.
