FTX-backed DEX Serum Calls Itself 'Defunct,' Promotes Community Fork

Serum, a decentralized crypto exchange backed by FTX, notified its 215,000 Twitter followers the project is "defunct" after the crypto exchange giant's sudden collapse -- while pointing users towards a community-led fork of the project. From a report: "The Serum program on mainnet became defunct" following FTX's implosion, Serum tweeted. "As upgrade authority is held by FTX, security is in jeopardy, leading to protocols like Jupiter and Radium moving away," it added, referring to two DeFi projects on the Solana blockchain. Earlier this month, the now-bankrupt FTX exchange was hacked for more than $400 million, which is said to have compromised the security of Serum's code. This is because the "update authority" for its code was held solely in the hands of insiders at the FTX exchange, Serum explained. The team also commented on its native Serum (SRM) token, stating its future was "uncertain" and that developers have proposed to scrap its use due to exposure to FTX and its sister trading firm Alameda Research.

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