Sui-Based AlphaFi to Shut Down Following Bad Debt Coverage

Sui ecosystem DeFi protocol AlphaFi has announced an orderly shutdown and is currently in maintenance mode. While withdrawals remain open, the platform is no longer accepting new deposits or loans. The protocol previously incurred bad debt due to under-collateralized positions involving ALPHA, but the Sui Foundation security team worked with the project to ensure all bad debt was fully covered, maintaining protocol solvency. Users are advised to close positions and withdraw assets. Slush Strategies users can withdraw directly from Slush Wallet, and lock-up periods for WAL, SUI, DEEP, and USDC strategies have been removed.