Solana-based tokenized silver project Dominion has announced its shutdown, with liquidity collapsing after a September attack.

Solana-based tokenized silver project Dominion has announced its shutdown. The project team stated that a September security incident led to a large-scale breach and sell-off of SILV, triggering a liquidity collapse, operating capital losses, and damage to market structure, with the capital required for reconstruction exceeding the project’s remaining resources. Dominion has allocated most of its remaining liquid funds to a refund program, allowing eligible SILV holders who held tokens before the attack to exit at a rate of $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 compromised 3 of the project’s 5 multi-signature keys and dumped approximately 46,909 SILV tokens on a low-liquidity decentralized exchange (DEX). The pre-attack nominal value of these tokens was around $3 million, and the attackers ultimately cashed out roughly $238,000.