Solana tokenized silver project Dominion announces shutdown, liquidity collapses after September exploit

BlockBeats news, October 7: Solana tokenized silver project Dominion has announced its closure. The team stated that a September security incident led to a large amount of SILV being compromised and sold off, followed by a liquidity collapse, loss of operating funds, and damage to market structure. The capital required for rebuilding has exceeded the project's remaining resources. Dominion has allocated most of its remaining liquid funds to a refund plan, allowing eligible pre-attack SILV holders to exit at $63 per token.

SILV was originally designed as a Solana token backed 1:1 by physical silver, with each token corresponding to one troy ounce of silver. On September 11, attackers took control of its 3/5 multisig keys and sold approximately 46,909 SILV into a thinly liquid DEX. The nominal value before the attack was about $3 million, and the final cash-out was about $238,000.