Kinto Suffers Contract Vulnerability Attack, Losing Over $1.55 Million, Plans to Restore User Assets by End of July
ChainCatcher reports that Ramon Recuero, co-founder of Kinto, a modular trading platform in the Arbitrum ecosystem, has published a statement in response to yesterday’s attack. The hacker exploited a vulnerability on Arbitrum that allowed unlimited minting of K tokens, minting 110,000 K tokens and launching an attack in an attempt to drain the liquidity pools of Morpho Vault and Uniswap v4. The incident resulted in a loss of approximately $1.55 million in ETH and USDC, and triggered significant volatility in the price of the K token.
Currently, the Kinto team is working with relevant parties to track the stolen funds. The official statement noted that if the assets are recovered or compensation funds are raised, users’ K token balances will be restored based on a pre-attack snapshot by July 31, and trading on CEX will resume at the pre-attack price.
