Crypto Brokerage Cascade Shuts Down After Five Years Amid Security Concerns

Cascade, a brokerage platform that offered 24/7 trading in crypto, commodities, and tokenized assets, has shut down after five years of operation. The company, which was formerly known as Perennial, made the announcement on X and directed users to Equilibria's claim portal for outstanding balances.

Cascade had set out to build a unified platform for global markets with limitless accessibility and 24/7 access. However, the company faced prolonged challenges, including delays in meeting its milestones and limited communication with its community.

The platform also experienced a security incident in July when attackers manipulated prices in thinly traded markets linked to Cascade's CLS vault, draining $1.3 million in USDC. Although the team was able to recover most of the stolen funds and compensate users based on a snapshot taken July 15, the shutdown follows those challenges and the security incident.

Users with funds on the platform are advised to check Cascade's official announcements before making a claim. The company has warned users to follow only the claim instructions it provided.