Solana tokenized silver project Dominion shuts down after September exploit and liquidity collapse
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.
