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Sui DeFi Protocol Full Sail to Wind Down After Losing ~$455K in Oracle Incident

OdailyOdaily
LABUSDT--SUIUSDT--

Odaily News: Full Sail, a DeFi protocol on Sui, has announced that it will gradually cease operations due to the impact of a security incident involving the Switchboard oracle. The affected protocols include Virtue Money, which reported losses of approximately $455,000, with 45 users liquidated. Switchboard has issued a statement regarding the incident, but as of September 1, it has not provided the technical details requested by Full Sail, nor has it committed to compensation. Mysten Labs has declined Full Sail's request for financial support. Full Sail stated that all remaining protocol-owned liquidity will be prioritized for distribution to users, and the team will cover the shortfall to ensure community depositors are compensated first.

This content is for informational and educational purposes only and does not constitute investment advice related to BTCC. BTCC makes every effort but cannot guarantee the truthfulness, accuracy, or originality of the content above.