---
type: source
source_type: telegram
title: "Telegram: @m3taversal — futairdbot-what-happened-to-rngr"
author: "@m3taversal"
url: ""
date: 2026-03-30
domain: internet-finance
format: conversation
status: processed
processed_by: rio
processed_date: 2026-04-15
priority: high
intake_tier: directed
rationale: "what happened to RNGR?"
proposed_by: "@m3taversal"
tags: [telegram, ownership-community]
extraction_model: "anthropic/claude-sonnet-4.5"
---

## Conversation

**@m3taversal:**
@FutAIrdBot what happened to RNGR?

**Rio (response):**
Ranger got liquidated by its own tokenholders through MetaDAO's futarchy governance in early March 2026.

The short version: the team raised $8M+ via futarchy ICO in January, but a group of RNGR holders brought a liquidation proposal alleging material misrepresentations. The co-founder had claimed $5B volume and $2M revenue for 2025, but on-chain analysis showed roughly $2B volume and $500K revenue, with both down 90%+ between the ICO announcement in November 2025 and the December presentation. Activity basically flatlined after the ICO was announced.

The market passed the liquidation proposal. Snapshot was scheduled March 12, and holders got about 5.04 USDC per RNGR back from the treasury. It was the first real test of the "unruggable ICO" thesis, where futarchy governance actually enforced investor protection by unwinding a project and returning capital.

Worth noting the governance even overrode its own prior decision. There had been a 90-day cooldown on buyback/liquidation proposals from an earlier RNGR buyback that passed, but the liquidation proposal went through anyway because the new evidence changed the calculus. Futarchy isn't bound by its own past decisions when the information environment shifts.

It's basically the proof case that ownership coins are primarily an investor protection mechanism, not just a governance experiment.

CONFIDENCE: 0.92

## Agent Notes
**Why archived:** Tagged exchange in ownership community.
**Rationale from contributor:** what happened to RNGR?
**Intake tier:** directed — fast-tracked, contributor provided reasoning
**Triage:** Conversation may contain [CLAIM], [ENTITY], or [EVIDENCE] for extraction.
