Carrot, a DeFi project operating within the Solana ecosystem, has announced its decision to completely cease operations. In a statement, the project team stated that a security breach on Drift Protocol severely impacted the company’s sustainability and made continued operations impossible.
In an official statement, Carrot said, “This was definitely not the outcome we wanted, but the situation created after the Drift attack has been devastating for our operations.” The project has set May 14th as the last day for users to withdraw their assets from the platform.
According to the announcement, users will be able to withdraw their funds held in Boost, Turbo, and CRT products until this date. The team stated that after this process, leveraged positions in the system will be completely reset, and liquidity will be released to be used for CRT repayments. The project also asserted that user funds are secure and that ownership of invested assets remains with the users.
On the other hand, it was stated that the funds obtained from a possible recovery process related to the Drift attack will be distributed to users as previously announced. However, no clear timeline was shared regarding when this process will be completed.
The Carrot team stated that they had been working for over two years with the goal of making DeFi more accessible, and that shutting down the project was a difficult decision.
*This is not investment advice.
