Summer.fi said it will gradually wind down operations after concluding there is no viable path to continue the business following the July 6 exploit of the Lazy Summer protocol. According to the announcement, the attack directly caused losses of about $6.1 million. The team also said a significant portion of its own assets had been placed in the affected vaults, which reduced the operating capital available for rebuilding. Summer.fi added that its app will remain accessible through Aug. 31. The future of the Lazy Summer protocol will be decided by Lazy Summer DAO, which is currently working to restore withdrawal and redemption functions across its vaults, including the two vaults affected in the incident.
Summer.fi said it will gradually wind down operations after the team determined there is no viable path to keep the business going following the July 6 exploit of the Lazy Summer protocol.
In its announcement, the team said the attack directly caused about $6.1 million in losses. It also said a significant portion of team members’ own assets had been stored in the affected vaults, reducing the operating funds available for a rebuild.
App to remain available through Aug. 31
Summer.fi said its app will remain open through Aug. 31. The future direction of the Lazy Summer protocol will be decided by Lazy Summer DAO.
DAO working to restore withdrawals and redemptions
The DAO is currently advancing the process of restoring withdrawals and redemptions for all vaults, including the two vaults affected earlier.
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