Dominion Shuts Down Solana Silver Token Project After September Attack

Dominion is shutting down its Solana tokenized-silver project after a September security incident drained liquidity, damaged SILV’s market structure and left rebuilding costs above the project’s remaining resources.

The attack on Sept. 11 involved control of three of five multisig keys, allowing about 46,909 SILV to be sold into thin decentralized-exchange pools. The tokens had a pre-attack nominal value of about $3 million, while the sale generated roughly $238,000.

Dominion said it has committed most of its remaining liquidity to a refund plan. Eligible holders who owned SILV before the attack can exit at $63 per token.

SILV was designed as a Solana token backed one-to-one by physical silver, with each token representing one troy ounce. The project’s closure follows the collapse in liquidity and the loss of operating capital after the attack.