Solana’s developers forked the widely used token liquidity hub Serum after being compromised by a hack on the bankruptcy exchange FTX on Nov. 11 that led to a series of unauthorized transactions. According to pseudonymous developer Mango Max on Twitter, a “verified build of the same version has been made and deployed” on Nov 12. Additionally, the upgrade authority and fee revenues “have been changed and are now managed by a multi-sig controlled by a team of trusted developers.” Serum (SRM) and MegaSerum (MSRM) tokens, as well as fee discounts, were not changed and were working as before. The development took place on the weekend. Solana co-founder Anatoly Yakovenko tweeted that developers depending on serum were forking the code after the upgraded key was compromised, adding that many “protocols depend on serum markets for liquidity and liquidations.” In a Twitter thread, Mango Max said that the Serum update key was not controlled by the Serum decentralized autonomous organization (DAO) but by a private key connected to FTX and no one could confirm who controlled the keys. The private key was necessary to update the original version of Serum, leading the developers to fork the code, as the private key is under FTX control. Mango Max also noted that: “When I reached out to a couple of people previously involved with Serum, I got answers like: ‘I wish I had more info to help you, but I really don’t.’”
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