Dominion, a Solana-based tokenized silver project, said it is shutting down after a September security incident severely damaged the protocol’s operations and market structure. The team said a large amount of SILV was compromised and sold off during the attack, triggering a liquidity collapse, working capital losses, and broader damage that left the project unable to recover with its remaining resources.
To wind down the project, Dominion said it has committed most of its remaining liquid funds to a refund plan. Eligible pre-attack SILV holders will be allowed to exit at $63 per token. SILV was originally designed as a Solana token backed 1:1 by physical silver, with each token representing one troy ounce of silver.
According to the project’s statement, the attacker gained control of its 3-of-5 multisig keys on Sept. 11 and sold about 46,909 SILV on a thinly traded DEX. The tokens had a notional pre-attack value of roughly $3 million, but the attacker ultimately cashed out about $238,000.
Dominion, a Solana tokenized silver project, has announced it is shutting down, according to BlockBeats on Oct. 7.
The team said a September security incident led to a large amount of SILV being compromised and sold, followed by a liquidity collapse, working capital losses, and damage to the market structure. It said the capital required to rebuild now exceeds the project’s remaining resources.
Dominion said it has allocated most of its remaining liquid funds to a refund plan. Eligible SILV holders who held the token before the attack will be able to 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 of silver.
The project said that on Sept. 11, an attacker gained control of its 3-of-5 multisig keys and sold about 46,909 SILV on a thinly liquid DEX. Those tokens had a notional pre-attack value of about $3 million, and the attacker ultimately realized roughly $238,000.
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