Summer.fi is shutting down its Labs company and retiring its user interface after being hit by a $6.04 million exploit on July 6.
The platform, which served over 50,000 users across leveraged Maker positions and DeFi yield products, has run out of financial runway to rebuild following the attack.
The team had spent five years operating independently before deciding to wind down their business, citing losses tied to the Stream Finance collapse in October 2025 as a major factor.
According to the source, more than $65 million in flash-loaned stablecoins was used to fund the transaction, which extracted assets from two Ethereum USDC vaults.