Verify a decision

{"actor":"system:backfill","investigation_id":"88cf600e-7eaf-4424-ba29-1a4efa728663","kind":"publish","page_slug":"ranger-finance","published_at":"2026-05-26T15:34:22.675Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Ranger Finance","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/business/2024/12/12/ranger-finance-targets-crypto-perps-traders-of-size-on-solana","type":"other","url":""},{"credibility":3,"name":"https://www.crunchbase.com/organization/ranger-finance","type":"other","url":""},{"credibility":3,"name":"https://tracxn.com/d/companies/ranger-finance/__dvVcnGc55blyLrJJ_09ieHH4bkGcVh13QWfuGEZO2TU/funding-and-investors","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.cryptotimes.io/2026/03/03/rngr-token-holders-challenge-ranger-finance-over-misleading-claims/","type":"other","url":""},{"credibility":3,"name":"https://phemex.com/news/article/ranger-finance-to-liquidate-return-504m-usdc-to-token-holders-65724","type":"other","url":""},{"credibility":3,"name":"https://cryptorank.io/ico/ranger","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.bitget.com/news/detail/12560605243087","type":"other","url":""},{"credibility":3,"name":"https://phemex.com/news/article/ranger-finance-to-liquidate-return-504m-usdc-to-token-holders-65724","type":"other","url":""},{"credibility":3,"name":"https://www.cryptotimes.io/2026/03/03/rngr-token-holders-challenge-ranger-finance-over-misleading-claims/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/business/2026/04/02/north-koreans-hackers-likely-behind-the-usd286-million-drift-protocol-exploit-elliptic","type":"other","url":""},{"credibility":3,"name":"https://www.trmlabs.com/resources/blog/north-korean-hackers-attack-drift-protocol-in-285-million-heist","type":"other","url":""},{"credibility":3,"name":"https://www.cryptotimes.io/2026/05/15/ranger-finance-winds-down-following-drift-exploit-and-funding-crisis/","type":"other","url":""},{"credibility":3,"name":"https://www.kucoin.com/news/flash/ranger-finance-announces-gradual-shutdown-amid-funding-pressures-and-drift-attack-impact","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://phemex.com/news/article/ranger-finance-to-shut-down-amid-financial-struggles-81581","type":"other","url":""},{"credibility":3,"name":"https://www.cryptotimes.io/2026/05/15/ranger-finance-winds-down-following-drift-exploit-and-funding-crisis/","type":"other","url":""},{"credibility":3,"name":"https://www.kucoin.com/news/flash/ranger-finance-announces-gradual-shutdown-amid-funding-pressures-and-drift-attack-impact","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cryptorank.io/ico/ranger","type":"other","url":""},{"credibility":3,"name":"https://www.coingecko.com/en/coins/ranger","type":"other","url":""},{"credibility":3,"name":"https://phemex.com/news/article/ranger-finance-to-liquidate-return-504m-usdc-to-token-holders-65724","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.cryptotimes.io/2026/03/03/rngr-token-holders-challenge-ranger-finance-over-misleading-claims/","type":"other","url":""},{"credibility":3,"name":"https://www.cryptotimes.io/2026/05/15/ranger-finance-winds-down-following-drift-exploit-and-funding-crisis/","type":"other","url":""},{"credibility":3,"name":"https://phemex.com/news/article/ranger-finance-to-shut-down-amid-financial-struggles-81581","type":"other","url":""}]}],"sources_used":[],"summary":"Ranger Finance was a Solana-based perpetual contract aggregator that raised $1.9M in seed funding in January 2025 and launched its RNGR token in January 2026. Within two months of token launch, community governance voted to liquidate the project treasury following allegations that the team made materially misleading claims about trading volume and revenue during its ICO. The project formally shut down in May 2026 after the treasury liquidation and approximately $900,000 in exposure from the DPRK-linked Drift Protocol exploit left operations unsustainable, with employees and vendors not fully compensated.","timeline":[{"date":"2024-02-01","event":"Ranger Finance launches Ranger Points Season 1 airdrop farming program, distributing 500,000 points per week to traders and referrers.","source":""},{"date":"2024-12-12","event":"CoinDesk profiles Ranger Finance as Solana's first perpetuals aggregator; founders Barrett Williams and FA2 describe plans for institutional-grade order routing.","source":""},{"date":"2025-01-23","event":"Ranger Finance closes $1.9M seed round led by RockawayX at a $30M valuation, with 9 institutional investors participating.","source":""},{"date":"2026-01-06","event":"RNGR public token sale launches on MetaDAO, targeting a $6M raise at $0.60 per token.","source":""},{"date":"2026-01-10","event":"RNGR token generation event (TGE) occurs; token begins trading with initial market cap of approximately $6.74M.","source":""},{"date":"2026-03-03","event":"RNGR token holders publicly challenge Ranger Finance over alleged misleading ICO projections; a liquidation proposal is submitted through MetaDAO governance.","source":""},{"date":"2026-03-05","event":"MetaDAO community passes proposal to liquidate Ranger Finance; 5,047,250 USDC is released from treasury and liquidity pools for distribution to RNGR holders at approximately $0.75-0.82 per token.","source":""},{"date":"2026-04-01","event":"Drift Protocol, a key integration partner of Ranger Finance, is exploited for approximately $285 million in a DPRK-attributed social engineering attack.","source":""},{"date":"2026-04-02","event":"Elliptic and TRM Labs attribute the Drift Protocol exploit to North Korean state-sponsored hackers (UNC4736). Ranger Finance's approximately $900,000 exposure confirmed.","source":""},{"date":"2026-05-14","event":"Co-founder Barrett Williams announces gradual shutdown of Ranger Finance on X, citing financial pressures, failed fundraising, treasury liquidation, and Drift exploit exposure. Acknowledges project should have shut down earlier; notes some employees and vendors were not fully compensated.","source":""},{"date":"2026-05-15","event":"Multiple crypto news outlets (CryptoTimes, Phemex, KuCoin) report on Ranger Finance's wind-down announcement.","source":""}]},"v":1}