Dominion, a tokenized silver project in the Solana ecosystem, said it is shutting down after a September security incident triggered a collapse in SILV liquidity, damaged the project’s operating capital, and broke its market structure. The team said the capital required to rebuild now exceeds the resources still available to the project. As part of the wind-down, Dominion has allocated most of its remaining liquid funds to a refund program. Eligible pre-attack SILV holders can exit at $63 per token. SILV was originally structured as a Solana token backed 1:1 by physical silver, with each token representing one troy ounce. On Sept. 11, an attacker gained control of 3 out of 5 multisig keys and sold about 46,909 SILV into a thinly traded decentralized exchange market. Those tokens had a notional pre-attack value of about $3 million, while the attacker ultimately cashed out roughly $238,000.
Dominion, a tokenized silver project on Solana, has announced that it is shutting down, according to Techub News.
The team said a security incident in September led to a large amount of SILV being sold off by an attacker. That was followed by a liquidity collapse, losses to operating capital, and damage to the project’s market structure. Dominion said the capital needed to rebuild now exceeds the resources it has left.
The project has committed most of its remaining liquid funds to a refund plan, allowing eligible SILV holders from before the attack to exit at $63 per token.
SILV was designed as a Solana token backed 1:1 by physical silver, with each token representing one troy ounce of silver.
On Sept. 11, the attacker gained control of 3/5 multisig keys and sold about 46,909 SILV on a decentralized exchange with relatively thin liquidity. Before the attack, those tokens had a notional value of about $3 million. The attacker ultimately cashed out about $238,000.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
