The crypto platform Cascade, previously operating under the name Perennial, announced its self-liquidation after five years of working with cryptocurrencies, commodities, and tokenized assets. The company urged clients to withdraw their funds independently through a special Equilibria portal. In 2025, Cascade raised $15 million from Polychain Capital, Variant, and Coinbase Ventures, but the investments did not allow the company to accelerate product development and improve communication with users. An additional factor was the July hack of the CLS storage. Hackers manipulated prices in illiquid markets and withdrew approximately 1.3 million USDC.
After the attack, Cascade suspended trading and withdrawals while specialists investigated the incident and tracked the movements of the stolen assets. Subsequently, the company managed to recover most of the funds. Compensation for affected clients was provided based on a snapshot of balances taken on July 15. Despite the recovery of most assets, the platform ultimately decided to cease operations. Further actions for clients are related to independently withdrawing funds through the specified service. The company also cited internal issues that could not be resolved after securing funding as a reason for the closure.
In August, the layer one blockchain Fogo halted transaction processing after a wallet hack: an unknown individual withdrew 400 million FOGO, corresponding to approximately 4% of the initial supply of 10 billion tokens. Previously, hackers withdrew 124.4 million RIO tokens from wallets on Ethereum, BNB Chain, Algorand, Stellar, and the native Realio network.
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