Crypto Platform Cascade Announces Ceasing Operations

cryptonews.ruPublicado a 2026-09-13Actualizado a 2026-09-13

Resumen

Cascade, a cryptocurrency brokerage platform formerly known as Perennial, has announced it is shutting down operations. The company, which aimed to build a unified global markets platform, cited an inability to accelerate development and solve customer communication issues despite securing $15 million in investments in 2025 from firms like Polychain Capital, Variant, and Coinbase Ventures. The platform's closure follows a challenging period marked by a security incident in July, where hackers manipulated prices on illiquid markets and stole approximately 1.3 million USDC. While Cascade managed to recover most of the funds and compensate affected users, it ultimately ceased operations. The announcement was made via a company statement on September 12, 2026, directing users to a specific link to claim any remaining funds. The closure reflects broader security challenges in the crypto sector, as highlighted by separate, unrelated hacks on the Fogo blockchain and Realio (RIO) token wallets in recent months.

In 2025, Cascade raised $15 million in investments from cryptocurrency funds Polychain Capital, Variant, and Coinbase Ventures. However, even the financial support from such major investors did not help the company accelerate development and resolve communication issues with clients.

Over the last 5 years, Cascade (formerly Perennial) set out to build the next generation of the modern brokerage experience: a unified platform for global markets, built around 24/7 access and limitless accessibility. Today, we’re disappointed to announce that Cascade is shutting down operations. This was not an easy decision. We’re incredibly grateful to everyone who supported us along the way through the years. Thank you for believing in the vision and helping us build. We truly wish things turned out differently, but we’re excited to see how other projects pick up the mantle. Important information: - Cascade is no longer operational. - You may claim any remaining funds from Cascade (CLS+trading) via https://t.co/vftBmARvGC (logging in through Privy Home). Please only use that link. To verify, you may refer to https://t.co/o3Jrj27la8. Once again, thank you all for your support throughout the last 5 years.
— Cascade (@cascade_xyz) September 12, 2026

The situation was exacerbated by a July hacker attack on the CLS storage. The perpetrators, manipulating prices in low-liquidity markets, withdrew about 1.3 million USDC stablecoins. The platform suspended trading and fund withdrawals while security specialists investigated the incident and tracked the stolen assets. The company managed to recover most of the stolen funds. Affected clients received compensation based on a balance snapshot from July 15th.

In August, the first-layer blockchain Fogo suspended transaction processing after a wallet hack — an unknown party transferred 400 million FOGO tokens, which is about 4% of the initial FOGO volume of 10 billion coins. Last month, hackers withdrew 124.4 million RIO tokens from wallets across the Ethereum, BNB Chain, Algorand, Stellar, and the native Realio network.

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Preguntas relacionadas

QWhat was the main reason announced for the shutdown of Cascade?

AThe main announced reason was the company's inability, despite financial backing, to accelerate product development and resolve customer communication issues, leading to the difficult decision to shut down operations.

QWhich major investors had funded Cascade with $15 million in 2025?

ACascade received $15 million in investments in 2025 from the crypto funds Polychain Capital, Variant, and Coinbase Ventures.

QWhat significant security incident affected Cascade in July, and what was the outcome?

AIn July, hackers executed an attack on the CLS vault, manipulating prices on low-liquidity markets to steal approximately 1.3 million USDC stablecoins. While trading and withdrawals were paused, the company managed to recover most of the stolen funds and compensated affected clients based on a balance snapshot from July 15.

QAccording to the announcement, how can users claim any remaining funds from Cascade?

AUsers can claim any remaining funds (CLS and trading balances) by logging in through Privy Home via the specified link: https://t.co/vftBmARvGC.

QWhat two other major cryptocurrency hacks are mentioned as occurring around the same time as Cascade's issues?

AThe article mentions two other major hacks: in August, the Fogo Layer-1 blockchain paused transactions after a wallet hack led to the transfer of 400 million FOGO tokens (about 4% of the initial supply). The previous month, hackers stole 124.4 million RIO tokens from wallets across Ethereum, BNB Chain, Algorand, Stellar, and the native Realio network.

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