Full Sail Sails Out: Decentralized Exchange Shutters After $91,000 Hack
Full Sail, a decentralized exchange on Sui (SUI), has announced that it will be winding down after an attacker drained approximately $91,000 from three of its vaults on August 29. The security failure is not attributed to weak demand but rather the protocol's inability to withstand a hack.
The attacker exploited a vulnerability in Switchboard production code that governs who can sign oracle price updates. They added their own key to a live oracle, causing false prices to appear valid and allowing them to withdraw funds worth more than they had deposited.
Full Sail paused deposits and withdrawals after confirming the incident on August 29. Virtue reported losses of around $455,000 tied to the same Switchboard incident. Switchboard contributors halted its network on Aptos, Sui, Iota, and Movement.
Full Sail noted that it will absorb any shortfall and compensate community depositors first. The team plans to follow up with a detailed incident report and reflect on what led to their decision to wind down.