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FTX-backed decentralized crypto exchange Serum declares itself “defunct.”
As The Block points out, the fall of FTX has also caused a collapse in the now-defunct Serum DeFi exchange, a project backed by FTX, Alameda Research, and the Solana Foundation.
Update authority for its code was held by insiders at FTX, which has left developers unable to address known security risks.
Now the project is promoting a community fork called OpenBook, and says the future of its SRM token — which once had a market cap of over $1 billion but is now down to around $60 million — is “uncertain.”