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News

Serum (SRM) Confirms That It Is “No Longer Working”

November 29, 2022 - Around 2 mins mins to read
After the collapse of FTX, a representative of the DEX Serum (SRM) exchange on Solana indicated that the project could no longer run and advised customers to move to another alternative.
Serum (SRM) Confirms That It Is "No Longer Working”

Serum (SRM), a once-famous DEX on Solana with a close link with Sam Bankman-Fried and the FTX exchange, abruptly announced on Twitter on November 29 with over 215,000 followers. “no longer in use.”

https://twitter.com/ProjectSerum/status/1597463150567514112

The FTX exchange is believed to have been hacked on November 12, resulting in a loss of up to $400 million USD. Many people are concerned about Serum now that FTX’s internal information is no longer kept secret.

The platform also refers to SRM, the coin that FTX/Alameda claims to have a large amount of despite the market’s extremely low liquidity.

Serum (SRM) Confirms That It Is "No Longer Working”

On the other hand, the platform urged the community to use OpenBook, a new DEX on Solana. The daily trading volume of OpenBook is over 1 million USD, whilst Serum’s volume has decreased to nil.

SRM also refers to an endeavor by Mango Max, the developer of Mango Markets, to fork the project in order to remove the influence of FTX/Alameda.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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