serum SRM/USDa decentralized exchange software built into Solana Sol/US Dollar Ecosystem, may have been compromised When the hack of bankrupt FTX happened on Saturday.
FTX had $8.9 billion in debt and $900 million in liquid assets before filing for bankruptcy, according to a new report. This includes $2.2 billion in serum.
FTX has announced that the exchange has been hacked in an official Telegram message.As a result, more than $600 million Cryptocurrencies have disappeared from the FTX wallet.
Along with Solana, various tokens left FTX’s official wallet and were transferred to decentralized exchanges such as 1 Inch.
Solana’s developers suspect that the FTX hack also compromised Serum.
According to reports, the founder of Solana, Anatoly Yakovenko Serum’s original key may have been compromised by the FTX hack, and the developer said in a tweet message that they are working on a fork of Serum’s code.
He said the original Serum can only be updated via private keys managed by FTX and not by the Serum DAO.
Afaik, Serum dependent developers are forking the program because their upgrade key to the current one is compromised. This has nothing to do with SRM or Jump. Many protocols rely on serum markets for liquidity and liquidation.
— toly � (@aeyakovenko) November 12, 2022
A pseudonymous developer called Mango Max said on Twitter that he is leading the Serum fork effort.
Serum program update keys were managed by FTX-connected private keys, not the SRM DAO. At this time, no one can confirm who controls this key and therefore has the authority to update the serum program or possibly deploy malicious code. (2)
— Mango Max
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