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FollowingFull Sail is shut down due to a security breach and approximately US$91,000 was stolen
Full Sail is gradually shutting down its business on its Sui network. Previously, a Switchboard-related attack stole approximately $91,000 from three vaults, and security breaches became the direct reason for their closure.
Core Points:
The attacker used the compromised oracle signature path to manipulate prices and stole approximately $91,000 from Full Sail's three vaults. Full Sail said all remaining liquidity in the agreement will be used first to pay users and the team will make up for any funding gaps. This closure is one of the many encryption projects that will be shut down, suspended or entered bankruptcy proceedings in 2026.
Full Sail's hacking incident
Full Sail began to gradually shut down after confirming the August 29 attack. The attack affected automated vaults, but did not touch positions in the direct liquidity pool. Full Sail said the attacker took advantage of Switchboard's production code, which controls who can sign oracle price updates, and then added a key controlled by it. Team stress: "This is not an administrator key leak for Full Sail." Once the key is accepted by the network, the fake price update appears valid, allowing the attacker to drive the price down to about one percent of the market price before depositing it in the affected vault. Then, by restoring the price, the attacker was able to extract funds far in excess of the value of his original deposit. After confirming the incident, Full Sail suspended the deposit and withdrawal function.
Another incident reported that the same Switchboard incident caused approximately $455,000 in damage. Switchboard said contributors have suspended its services on the Aptos, Sui, Iota and Movement networks. Full Sail stated that as of September 1, Switchboard had not provided the required technical details and had not promised compensation. Mysten Labs reportedly declined a request for financial support. "All remaining liquidity in the agreement will go to users and the team will fill the funding gap to ensure community depositors receive priority payments," Full Sail said.
Encryption protocols are closed one after another
The closure is remarkable because the stolen amount of only approximately US$91,000 was enough to end the protocol. This shows how external price infrastructure failures can become an operational threat to small DeFi projects. Full Sail said it plans to release a detailed incident report explaining the attack and the reasons for the decision to shut down.
In 2026, several other encryption projects were closed after encountering security incidents. Summer.fi closed after Lazy Summer Protocol lost $6 million due to attacks;Radiant Capital stopped DAO operations in June 18 months after losing more than $50 million. Step Finance and SolanaFloor also closed in February after the vault was hacked.
The broader cases of closures go beyond hacking attacks. Relevant data shows that a total of 204 encryption projects were shut down, suspended or entered bankruptcy proceedings in 2026. Full Sail is just one member of this industry contraction wave that includes security breaches and other reasons.
