Cascade Inc. Closes Trading Platform After 5 Years, Instructs Users to Withdraw Balances

Cascade Inc. Announces Complete Shutdown of Platform Services

Cascade Inc., which has operated as a multi-asset trading infrastructure for cryptocurrencies, commodities, and tokenized assets, has announced the complete shutdown of its services, marking the end of its 5-year history.

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 company, also known as former Perennial, revealed the platform's closure through its official X account and strongly urged users to quickly withdraw any remaining funds. Cascade aimed to provide continuous access to a variety of digital assets, including cryptocurrencies, and offered a 24/7 trading environment. Its advanced initiatives garnered attention in the industry, successfully raising a total of $15 million (approximately ¥2.32 billion) from renowned venture capital firms such as Polychain Capital, Variant, and Coinbase Ventures in 2025.

However, despite raising substantial funds, signs of project stagnation began to emerge. Delays in achieving milestones led to growing concerns among community members regarding communication gaps and unclear business policies. The sense of development stagnation became a factor that made it difficult to maintain trust from investors and users.

July Security Incident and Its Aftermath

One of the factors that led to the closure was a serious security incident that occurred in July of the same year. In this incident, attackers targeted the CLS (Cascade Liquidity Strategy) vault, attempting price manipulation in a low liquidity market.

As a result of this attack, approximately $1.3 million (around ¥200 million) worth of USD Coin (USDC) was illegally drained. Following the incident, Cascade immediately halted trading and withdrawals, collaborating with an external security expert team to conduct a swift investigation and track the funds. As a result, they successfully recovered most of the stolen funds and provided compensation to affected customers based on a snapshot taken on July 15.

While much of the actual damage was covered by a series of rapid post-incident responses, the exposure of this security vulnerability decisively heightened user concerns regarding the platform's safety and asset management systems. Coupled with delays in development and communication issues, the pressure for business continuity became overwhelming.

User Fund Claims and Vigilance Against Fraud

With the termination of brokerage operations, users who have funds remaining on the platform need to recover their balances themselves, and they are being directed to use a dedicated portal site specified by Equilibria for unclaimed balance requests.

At the same time, there is a strong call for vigilance against malicious fraud that may take advantage of the closure of such a large platform. As seen in past cases, there is a risk of phishing sites and fake notices cleverly mimicking the official recovery page.

To safely retrieve their funds, users need to pay close attention to the following points:

• Only access the official links and claim portals provided through Cascade's official channels (official X and official announcements).

• Never input or disclose your private key, wallet recovery phrases (seed phrases), or account passwords to others or external parties during the process.

• Before connecting wallets or approving transactions, carefully check the browser's address bar to ensure the URL is correct.

The sudden closure of Cascade serves as a lesson that even advanced projects backed by venture support can become unsustainable if they fail to address technical security risks, development delays, and build trust with the community. For all affected customers, the top priority now is to ensure the recovery of their balances through the designated official portal while remaining vigilant against fraud.

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