After the tokenization silver projects Solana and Dominion encountered security incidents, $SILV clearly deviated from the design where 1 token corresponded to 1 ounce of silver. The company disclosed that the incidents began at 01:00 on September 11 UTC, with multiple wallets involved in the multi-signature vault being compromised. Subsequently, the team withdrew liquidity and replaced the affected devices with hardware wallets.
The token once fell to $0.40.
Affected by the event, $ SILV fell to as low as $0.40 earlier on Friday, far below its target price. Reports cited data indicating that the silver price was around $64 per ounce at that time, while the latest price of this token is still only slightly above $19.
Sunrise supports the issuance and provision of liquidity for $ SILV on Solana. The issue lies with the Dominion protocol itself, rather than the Sunrise infrastructure. As a preventive measure, Sunrise has removed $ SILV from the platform and advised users not to interact with related contracts. Dominion also recommends that users refrain from trading this token until it is re-anchored and restarted.
Buy tokens after freezing at 01:00 UTC
The company disclosed that it has temporarily frozen the $ SILV obtained after 01:00 UTC on September 11. According to the current arrangements, tokens purchased between 01:00 UTC and 14:00 UTC on September 11 will be removed from users' wallets.
This measure does not affect users who held $ SILV before 01:00 UTC. Dominion states that this action is taken to prevent the affected tokens from continuing to circulate and further weaken the silver support corresponding to legitimate holders.
For users who purchased $ SILV in good faith during the affected period, the project team stated that they will provide a channel for refunds at $ USDC. The refund process is scheduled to be available starting at 12:00 UTC on Monday, September 14th. Dominion mentioned that the choice of starting on Monday is due to the weekend closure of the silver market.
The project has been live for less than a month.
$ SILV was launched on August 13th, positioned as a tokenization of physical silver. Dominion stated at that time that each token corresponded to 1 ounce of silver, and disclosed holding 150,000 ounces of physical silver, which was valued at approximately 9.7 million US dollars based on the launch price. The most recent audit for Bureau Veritas was in June 2026.
This incident also exposes that the market size of Solana tokenized products is still relatively small. RWA.xyz data shows that the scale of tokenized products on Solana is approximately 25.3 million US dollars, accounting for 0.51% of the entire market; Ethereum still occupies nearly 95% of the share.
Currently, Dominion is continuing the investigation with Solana Incident Response Network ( SIRN ) and SEAL 911, and is working to restore the correspondence between $ SILV and the underlying value of silver.
Additional information:Dominion indicates that affected wallets will be identified one by one, and once their security status is confirmed to be stable, the process of restoring normal transactions will be proceeded with in an orderly manner.
