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Sui Ecosystem DeFi Protocol Full Sail to Gradually Cease Operations

2 hours ago

Sui ecosystem DeFi protocol Full Sail announced it will gradually cease operations due to the Switchboard oracle security incident. Affected protocols include Virtue Money, which reported roughly $455,000 in losses and 45 users being liquidated. Switchboard has issued a statement on the incident, but as of September 1, it has not provided the technical details Full Sail requested nor committed to compensation. Mysten Labs rejected Full Sail’s request for financial support. Full Sail said all remaining liquidity held by the protocols will be prioritized for distribution to users; the team will cover any shortfall to ensure community depositors receive compensation first.

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