Dominion, a Solana-based tokenized silver venture, said it will shut down following a September security incident that triggered a significant SILV sell-off and drained liquidity.

ChainCatcher reported the team described rebuilding as requiring more capital than remains accessible to the project.

The company said most of its remaining liquid assets have been allocated to a refund program, enabling eligible pre-attack SILV holders to redeem at $63 per token. SILV was designed as a Solana token backed 1:1 by physical silver, with each token representing one troy ounce.

On September 11, attackers gained control of three of five multisig keys and dumped about 46,909 SILV on thinly traded decentralized exchanges. The pre-attack nominal value was around $3 million, and the attackers ultimately realized about $238,000.