Cascade shuts down brokerage operations after five years

Cascade, a trading platform formerly known as Perennial, has announced it is shutting down after five years of operation. The company, which provided 24/7 trading services for cryptocurrencies, commodities, and tokenized assets, has directed users to use Equilibria’s claim portal to withdraw any remaining balances.

The closure follows several operational challenges, including a security exploit in July 2026. During that incident, attackers manipulated prices in thinly traded markets linked to the company’s CLS vault, resulting in the loss of approximately $1.3 million in USDC. While the team worked to recover most of the stolen funds and compensate users based on a July 15 snapshot, the platform faced ongoing difficulties including milestone delays and limited community communication.

Cascade previously raised $15 million in 2025 from investors such as Polychain, Variant, and Coinbase Ventures.