Cascade has shut down after five years in operation, bringing an end to its brokerage platform and telling users to withdraw or claim any remaining funds. The company, formerly known as Perennial, announced the closure on X and said outstanding balances should be handled through Equilibria’s claim portal.

The shutdown ends Cascade’s effort to offer around-the-clock trading across crypto, commodities and tokenized assets. It also comes after months of strain for the platform, including a July exploit that led to halted trading and withdrawals.

Brokerage operations come to an end

Cascade said it is winding down its service and urged customers with funds still on the platform to act on the instructions in its official announcements. The company specifically directed users with remaining balances to Equilibria’s claim portal.

The closure marks the end of Cascade’s 24/7 trading offering, which had been built to cover crypto markets as well as commodities and tokenized assets. Before the shutdown, the company had attracted backing from investors including Polychain, Variant and Coinbase Ventures, raising $15 million in 2025.

July exploit disrupted the platform

The shutdown follows a security incident in July in which attackers manipulated prices in thinly traded markets connected to Cascade’s CLS vault. About $1.3 million in USDC was drained in the exploit.

After the incident, Cascade suspended both trading and withdrawals. The team said it worked with security responders in an effort to recover most of the stolen funds, while users were compensated according to a snapshot taken on July 15.

Longer-running pressures preceded the closure

The company’s end did not come only after the exploit. Cascade had also been dealing with delays in meeting milestones and with limited communication with its community, according to the source report.

Those issues, combined with the fallout from the July attack, formed the backdrop to the shutdown announcement. The company has not framed the closure beyond informing users that the service is ending and that remaining balances should be claimed through the designated process.

What users have been told to do next

For customers who still have funds tied to the platform, the immediate confirmed next step is to review Cascade’s official announcements and use only the claim instructions provided by the company. Cascade has warned users to rely solely on its stated process when submitting a claim.

That guidance is important because the platform has already experienced a security breach, and the company is now handling final balance claims as it exits the market. At this stage, the clearest confirmed action is for affected users to verify instructions through official channels and complete any claim through Equilibria’s portal.

Source: Coin Edition