Dominion Silver (SILV)

Review open since 2026-10-08: Open item: Re-read the dominion-silv eligibility file: its issuer documents changed. A draft revision dated 2026-10-08 is under audit and would change the assessment. The verdict stands until the review closes.

Summary

Ketju does not approve Dominion Silver (SILV): Dominion has ceased operations, no holder can redeem, and Dominion’s keys can still freeze, move or burn any holder’s tokens. Dominion’s site says the September exploit made continued operation economically unsustainable. It says SILV “is no longer an actively supported Dominion product,” and that “all Dominion-operated minting, redemption, and product support has ended.” Dominion ran a refund programme that completed for eligible participating pre-hack holders at $63 per SILV. Silver was about $64 an ounce on 2026-09-23, the date of our first memo. Dominion says this is not a statement that every holder was refunded or that all liabilities have been settled. Dominion has not published the final wind-down notice or the on-chain transaction links, so we do not know whether any reserve still backs the SILV outstanding. SILV was always a price claim and never gave title to silver.

Review triggers
• Dominion publishes the final wind-down or transparency notice and the supporting on-chain transaction links
• The permanent delegate or the mint authority moves, burns, or mints SILV, or either key changes
• Dominion or any successor opens a new way to redeem SILV

Ketju checks this memo every night. A review opened on 2026-10-08 and appears under the verdict above. The verdict stands until the review closes.

Changes

Research

Losses and incidents

Dominion’s closure notice opens: “Dominion has ceased operations. The September exploit made continued operation economically unsustainable.” It says SILV is no longer an actively supported product, and that all Dominion-operated minting, redemption and product support has ended. It adds that a reader should not take descriptions of SILV in archived documents as statements of current service. The site now serves as an archive and lists no public contact channel.

The notice says the refund programme “completed for eligible participating pre-hack holders at $63 per SILV.” It limits that claim: it “is not a statement that every holder was refunded or that all liabilities have been settled.” It does not say how many holders took part or how many did not. It says the final wind-down or transparency notice and the supporting on-chain transaction links “have not yet been published.” Until Dominion publishes them, nobody can check the refund, the reserve or what Dominion still owes.

How it works

Dominion’s white paper, captured on 2026-09-11, said holding SILV gave “economic exposure to one ounce of silver per token.” It said SILV did “not grant legal title to, or ownership of, any specific bar or individually identified ounce of silver.” It called SILV “a claim on silver value backed by reserves held by the protocol, not a registered ownership certificate.” The token was a price claim against Dominion Market LLC, a company formed in the Próspera special zone on Roatán, Honduras.

In our first memo, on 2026-09-23, we read the reserve documents as describing silver held under a lease. Dominion withheld the lessor and the vault location. The site script that carried those documents now returns an error, and no archive copy exists, so we no longer cite them. We do not know whether any silver remains or who owns it.

Who controls it

SILV is a Token-2022 mint, SiLVFMgD…B35L. When we read it on 2026-09-23, one account, FqFNXCMe…vzZ3, held both the freeze authority and the permanent delegate. Another account, 6FtT3CBa…8chR, held the mint authority. A permanent delegate can transfer or burn tokens from any account without the owner’s signature. The freeze authority can freeze any account. Supply was 93,509 SILV on that date. We have not read the chain again since 2026-09-23. The closure notice does not mention these keys, so a holder cannot tell who will use them, or whether anyone will.

Withdrawals

Dominion no longer redeems SILV. The earlier cash redemption at spot less 1.5% has ended. The promised physical redemption from 5,000 troy ounces has also ended. A holder who took part in the refund programme was paid $63 per SILV. A holder who did not has no Dominion channel and no listed contact. That holder can only sell on the market for an unsupported token whose reserve nobody can check. We did not test how much that market can absorb.

Eligibility

Dominion’s white paper said direct minting was closed to persons in the United States, the United Kingdom, the EU and EEA, and Canada. Minting has now ended for everyone. The token itself is permissionless on Solana, so any wallet can still hold it. A US advisory client who holds it holds a token with no issuer behind it.

Comparison

A share of a physically backed silver ETF is a claim on allocated silver that the trust owns. A named custodian holds the silver, and auditors check it each year. SILV now has no issuer, no redemption and no published reserve, and its keys could freeze or seize any balance. Ketju will review SILV again if Dominion publishes the wind-down notice and transaction links, if the permanent delegate or the mint authority moves, or if any new way to redeem appears.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• Dominion closure notice · primary · accessed 2026-10-16
  Supports: Dominion has ceased operations, SILV no longer supported, minting, redemption, and product support ended, refund at $63 per SILV for eligible participating pre-hack holders, wind-down notice not yet published, Dominion Market LLC, Próspera ZEDE
• Dominion: SILV Whitepaper v1.0 (Wayback capture of 2026-09-11) · primary · accessed 2026-09-23
  Supports: economic exposure only, no legal title, cash redemption at 1.5%, physical redemption from 5,000 oz, not offered for direct minting in the US, UK, EU/EEA, or Canada
• Solscan: SILV mint · primary · accessed 2026-09-23
  Supports: supply 93,509.416437 SILV, Token-2022 permanent delegate
• Crypto Briefing: Dominion Market launches SILV · secondary · accessed 2026-09-23
  Supports: launch coverage, Solana DeFi integrations

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.