Crypto brokerage Cascade to wind down operations after five years
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Cascade (formerly Perennial) is shutting down after roughly five years, following a reported July compromise of its CLS vault that led to about $1.3m in user losses. The closure and ongoing claims process underscore counterparty and operational risks in smaller crypto brokerage venues, potentially weighing on confidence and near-term activity across similar platforms despite limited direct impact on major assets.
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Crypto brokerage platform Cascade, previously known as Perennial, said on X that it has begun an official shutdown process, ending roughly five years of operations. The company called the move a difficult decision.
Cascade said users can withdraw remaining CLS and other balances from their trading accounts through its designated official claims page, urging customers to rely only on the company's authorized portal.
In July, Cascade's CLS vault was reportedly compromised, with about $1.3 million in user funds lost.
