Sui DeFi Project Full Sail Shuts Down After Oracle Incident
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Full Sail, a DeFi protocol on the Sui blockchain, announced it will shut down following a security incident linked to oracle provider Switchboard, which caused user losses. The protocol has disabled new deposits and LP reward claims and will move regular pools to withdrawal-only mode after final security checks. The incident involved an attacker removing about $91,000 from three vaults.
Why it matters
The source highlights user compensation as Full Sail’s top priority and the shutdown of the protocol as a direct result of the security breach. The incident raises concerns about oracle provider vulnerabilities affecting DeFi protocols across multiple blockchains.
Key context
The security incident occurred after a suspected compromise of Switchboard’s oracle infrastructure, which led to Full Sail pausing deposits and withdrawals to investigate. Switchboard also halted its network on Aptos, Sui, IOTA, and Movement due to the potential compromise. Another project, Virtue, also reported losses from the incident.
Key numbers and entities
Full Sail (DeFi protocol on Sui), Switchboard (oracle provider), Virtue (stablecoin lending protocol on IOTA), $91,000 (Full Sail losses), $455,000 (Virtue losses). The incident affected networks including Aptos, Sui, IOTA, and Movement.
What remains unclear
The exact method of the oracle infrastructure compromise and the full extent of losses across other affected protocols are not detailed. The timeline for complete user compensation and the final security measures are also unspecified.