Left (LEFT) Token liquidity center developed by developers FTX altcoin Serum, It’s preparing for a hard fork update after the possibility that it might have been compromised by a hack at FTX.
On Friday, a hacker made over $400 million in unauthorized withdrawals from FTX. This exacerbated the stock market’s bankruptcy crisis, causing it to file for Chapter 11 bankruptcy protection.
“Private Key of Serum Altcoin May Be Abused by FTX Team”
Many Solana developers suspect that the attack may have also compromised Serum, a well-known protocol developed by FTX and used by many applications on the Solana blockchain.
Anatoly Yakovenko, founder of Solana, noted that the developers today are working hastily to fork Serum’s code and continue the protocol without FTX’s involvement.
Cryptocurrency its developers need another version of Serum because the original can only be updated via a private key controlled by someone at FTX and not by the Serum DAO. As a result of FTX being hacked, this key may have been compromised.
“As far as I know, developers dependent on Serum are forking the program because the update key for the current program has been compromised,” Yakovenko said.
A developer named Mango Max added that he is leading the Serum hard fork efforts, adding:
“The update key of the serum program was not controlled by its own organization, but by a private key attached to FTX. At this time, no one can verify who controls this key and therefore does not have the power to update the Serum program and possibly distribute malicious code.”
Jupiter, the largest DEX aggregator exchange in Solana, has informed users that it has stopped using Serum’s liquidity due to security concerns.
*Not investment advice.
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