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

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), 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.”

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.

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.

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