Summer.fi has announced the shutdown of Summer.fi and its Labs company following an attack on the Lazy Summer Protocol on July 6. The attacker manipulated the prices of two USDC Vault shares on the Ethereum mainnet, stealing $6.04 million in deposits and depleting the protocol and team’s operational funds. The team stated that no viable restructuring path remains and will keep the Summer.fi frontend accessible until August 31.
Summer.fi Shuts Down Operations Following Protocol Attack; Frontend to Cease on August 31
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Summary
Summer.fi confirmed the cessation of its operations and Labs division following a $6.04 million theft from two USDC vaults on July 6, caused by a vulnerability in the Lazy Summer Protocol’s protocol update. Attackers manipulated vault share prices, depleting both protocol and team funds. The team stated that restructuring is not feasible, and the frontend will remain online until August 31. On-chain data indicates no path to recovery is available.
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