The Summer fi team officially announced the termination of operations after the hacker attack. The attackers stole $6.04 million from the protocol. The user interface will remain available until August 31. The further fate of the protocol itself will be determined by the DAO governing it. The developers have honestly stated that there is no viable way forward. Summer fi has been working in the decentralized finance market for about seven years. The team spent two years as part of the Maker Foundation. In June 2021, the project became an independent entity. During this time, more than 50,000 people have used Oasis app and Summer fi services. The total amount of blocked value reached $200 million in the first nine months. By the time of the attack, the figure had dropped to about $22 million.

On July 6, an attacker manipulated the asset value of two Lazy Summer Protocol USDC repositories. The attack occurred on the Ethereum network through a single atomic transaction. The lower-risk vault lost approximately $5.64 million. The high-risk product lost about $400,000. Silo Varlamore USDC Growth storage tokens with outdated valuation were used for the attack. They were included in the Ark strategy, which has already been decommissioned. Ark's deposit limit has been set to zero. However, the strategy was not removed from the active FleetCommander set. Therefore, its assets continued to be taken into account when calculating the net value of the shares. The key condition for the attack was an incomplete operational process. The attacker took advantage of this to artificially increase the valuation of assets. He received real liquid funds from other strategies, including Morpho, Spark and Sky. To carry out the operation, the hacker attracted flash loans of more than $ 65 million.

Preparations for the attack began no later than April 6. Wallets associated with the attacker gradually accumulated Silo tokens. These tokens were later used to manipulate the market. After paying off the flash loans, the attacker converted the profits into DAI. He later sent part of the funds through Tornado Cash. The developers reported significant losses of the team's own funds. Financial losses deprived the project of the reserves necessary for recovery. After the attack, all Lazy Summer Protocol repositories were suspended. Deposit limits in DAO-managed products have been set to zero. The organization conducts procedures for resuming withdrawal of funds. The project's support service and Discord will continue to work until the end of August. Aave founder Stani Kulechov called Summer fi one of the pioneers of DeFi. The closure of Summer fi occurred shortly after a similar decision by the DeFi service Zapper.