On November 12, a developer using the alias Mango Max claimed on Twitter that a “confirmed build of the same version has been generated and deployed.” Additionally, a multi-sig owned by a group of reliable programmers is now in charge of managing the upgrade authority and fee earnings. The functioning of the Serum (SRM) and MegaSerum (MSRM) tokens as well as the fee savings has not been changed.
Many Solana professional developers the hack may well have damaged the protocol because FTX creates Serum. Developers are scrambling to fork Serum's code today and continue the protocol without FTX, according to Anatoly Yakovenko of the Solana blockchain.
The original Serum could only be upgraded via an encryption key that is owned by others at FTX and not the Serum DAO, and that key may have been stolen as a result of the FTX hack, therefore it appears that programmers may need a different version of Serum. The developers who rely on serum are going to fork the software, according to Yakovenko, because the upgrading key to the current version has been hacked.
Not just Yakovenko but other developers also contributed to the forking issue. Says Mango Max, “The serum program update key was not controlled by the SRM DAO but by a private key connected to FTX. At this moment, no one can confirm who controls this key and hence has the power to update the serum program, possibly deploying malicious code.”
Mango Max noted that he and other programmers have now opted to take issues into their own hands and fight for a “relaunch” He also came to the conclusion that a few public projects, like Solape Finance, Open Serum, Jupiter Exchange, Switchboard, and Mango Markets have stated that they are going to assimilate with the fork.
Several Solana programs that rely on the Serum protocol started restricting their visibility as the plan to relaunch was being implemented. A popular DEX aggregator exchange on Solana called Jupiter informed customers that it had stopped using Serum's liquidity because to security issues. Jupiter ended by urging additional integrators to follow suit.
Other Solana-based programs like Mango Markets, Phantom, and Magic Eden also declared they would stop relying on Serum for liquidity and that they had stopped using it due to security issues.
The fact that the attack and collapse of FTX damaged the industry so severely and impacted other initiatives is no longer news. A cryptocurrency hedge firm called Galois Capital that engages in over-the-counter trading has revealed that over half of its capital is locked in FTX.
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