Kinto Hacking: $1.55 Million Loss, Token Trading Resumes July 31st

11 July, 2025, 05:29 PM

Kinto (K), an Ethereum Layer 2 project, suffered a recent exploit resulting in an estimated $1.55 million loss. CEO Ramon Recuero detailed how the hacker exploited a vulnerability to mint unlimited K tokens on Arbitrum, subsequently draining ETH and USDC via MOPHO and Uniswap. The K token price also suffered, compounding the damage. Kinto is actively working with authorities to recover the stolen funds and is raising capital to restore token balances to pre-hack levels. A key part of their recovery plan involves relisting the K token on centralized exchanges by July 31st, at a price of $7.48. This aims to restore confidence and provide liquidity for affected users. The incident highlights the inherent risks in the rapidly evolving DeFi space and the importance of robust security audits for Layer 2 solutions. The Kinto team is focused on rebuilding trust and ensuring the long-term viability of the project. ```