The DeFi project Carrot has announced it will cease operations due to the significant impact of the Drift vulnerability exploit. Carrot has set May 14 as the deadline for users to withdraw their remaining funds from Boost, Turbo, and CRT, after which the system will begin deleveraging, reducing all leverage to zero to free up liquidity for CRT redemptions. Carrot states that funds deposited by users remain their property; should Drift implement any subsequent recovery measures, the related funds will be distributed as previously outlined.
DeFi Project Carrot Announces Cessation of Operations; Users Must Withdraw Funds by May 14
TechFlowShare
Summary
The DeFi project Carrot has issued an announcement stating it will cease operations following a DeFi exploit tied to the Drift vulnerability attack. Users are instructed to withdraw their funds from Boost, Turbo, and CRT by May 14. After this date, the system will begin deleveraging to release liquidity for CRT redemptions. Carrot confirmed that user funds remain the property of depositors, and any future recoveries from Drift will be distributed as outlined.
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