Woofun AI reports that the Cascade CLS treasury experienced a suspected security vulnerability on July 16, resulting in approximately $1.3 million in user fund losses. The platform has suspended all trading and withdrawal functions while inviting third-party security firms, including SEAL 911, to investigate the incident. Cascade, a New York-based 24/7 multi-asset perpetual contract platform targeting the US market, remains in an invitation-only private testing phase and supports deposits via Arbitrum USDC or bank accounts.