The Arbitrum project Kinto announced its closure after suffering a hacker attack of 1.6 million and will refund 76% of the funds.

[Coin World] The blockchain project Kinto on Arbitrum will shut down at the end of September. Previously, the company suffered a $1.6 million hacker attack in July, leading to insolvency. The attacker exploited a smart contract vulnerability to mint 110,000 fake tokens, stealing $1.55 million from the lending pool and causing its native token to experience a big dump of 95%. Despite investing $1 million for recovery, the team announced the shutdown on September 7, promising to refund 76% of the funds to lenders and compensate victims with $55,000 from the founder's contribution.

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CoffeeNFTsvip
· 16h ago
Take it easy, just let it spill.
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ApeDegenvip
· 16h ago
Another smart contract has failed.
View OriginalReply0
quietly_stakingvip
· 16h ago
Funds security cannot be guaranteed.
View OriginalReply0
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