Cascade Shuts Down After Five Years, Exposes Security Vulnerabilities

Cascade, a cryptocurrency trading platform that operated for five years, has shut down operations. The company, which was previously known as Perennial, announced its closure and directed users to Equilibria's claim portal for outstanding balances.

The shutdown follows a security incident in July where attackers manipulated prices in thinly traded markets linked to Cascade's CLS vault, draining about $1.3 million in USDC. The team worked with security responders to recover most of the stolen funds, while users were compensated based on a snapshot taken on July 15.

Cascade had also faced challenges such as delays in meeting its milestones and limited communication with its community. The company raised $15 million in 2025 from investors including Polychain, Variant, and Coinbase Ventures.