The New York-based private beta perpetuals platform for the U.S. market halted trading and withdrawals on July 16 and brought in SEAL 911 and other security teams to investigate.
Cascade CLS Treasury was suspected of suffering a security breach on July 16 that led to about $1.3 million in user fund losses. The platform responded by halting all trading and withdrawals, a standard containment step aimed at preventing further outflows while an incident is reviewed. SEAL 911 and other third-party security teams were invited to investigate. Cascade is a New York-based, invite-only private beta 24/7 multi-asset perpetuals platform for the U.S. market, according to Odaily, which cited MAX monitoring.