DeFi yield platform Summer.fi said it will shut down after determining it could no longer continue operating following the July 6 attack on Lazy Summer Protocol. The team said the exploit caused roughly $6.1 million in direct losses. It also said a significant share of team members’ own assets had been deposited in the affected vaults, which further reduced the operating capital available for rebuilding. Summer.fi added that its app will remain operational through Aug. 31. Separately, Lazy Summer DAO is working through the process needed to restore withdrawals and redemptions for all vaults. The statement was posted on X.
DeFi yield platform Summer.fi said in a post on X that it has decided to shut down the company after concluding it could no longer continue operating following the July 6 attack on Lazy Summer Protocol.
According to Summer.fi, the exploit caused about $6.1 million in direct losses. The team also said that a substantial portion of its members’ personal assets had been held in the affected vaults, cutting further into the operating funds needed for a rebuild.
Summer.fi said its app will continue to run until Aug. 31. Lazy Summer DAO, meanwhile, is advancing the process to restore withdrawals and redemptions across all vaults.
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