Bitcoin
Bitcoin (BTC)
$110,949.00 0.3496
Bitcoin price
Ethereum
Ethereum (ETH)
$4,296.80 -0.09725
Ethereum price
BNB
BNB (BNB)
$878.64 1.50779
BNB price
Solana
Solana (SOL)
$207.91 2.44667
Solana price
XRP
XRP (XRP)
$2.88 2.11144
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000125 1.36123
Shiba Inu price
Pepe
Pepe (PEPE)
$0.00001 2.38882
Pepe price
Bonk
Bonk (BONK)
$0.0000215 5.84991
Bonk price
dogwifhat
dogwifhat (WIF)
$0.835697 1.76737
dogwifhat price
Popcat
Popcat (POPCAT)
$0.251203 3.13821
Popcat price
Bitcoin
Bitcoin (BTC)
$110,949.00 0.3496
Bitcoin price
Ethereum
Ethereum (ETH)
$4,296.80 -0.09725
Ethereum price
BNB
BNB (BNB)
$878.64 1.50779
BNB price
Solana
Solana (SOL)
$207.91 2.44667
Solana price
XRP
XRP (XRP)
$2.88 2.11144
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000125 1.36123
Shiba Inu price
Pepe
Pepe (PEPE)
$0.00001 2.38882
Pepe price
Bonk
Bonk (BONK)
$0.0000215 5.84991
Bonk price
dogwifhat
dogwifhat (WIF)
$0.835697 1.76737
dogwifhat price
Popcat
Popcat (POPCAT)
$0.251203 3.13821
Popcat price
Bitcoin
Bitcoin (BTC)
$110,949.00 0.3496
Bitcoin price
Ethereum
Ethereum (ETH)
$4,296.80 -0.09725
Ethereum price
BNB
BNB (BNB)
$878.64 1.50779
BNB price
Solana
Solana (SOL)
$207.91 2.44667
Solana price
XRP
XRP (XRP)
$2.88 2.11144
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000125 1.36123
Shiba Inu price
Pepe
Pepe (PEPE)
$0.00001 2.38882
Pepe price
Bonk
Bonk (BONK)
$0.0000215 5.84991
Bonk price
dogwifhat
dogwifhat (WIF)
$0.835697 1.76737
dogwifhat price
Popcat
Popcat (POPCAT)
$0.251203 3.13821
Popcat price
Bitcoin
Bitcoin (BTC)
$110,949.00 0.3496
Bitcoin price
Ethereum
Ethereum (ETH)
$4,296.80 -0.09725
Ethereum price
BNB
BNB (BNB)
$878.64 1.50779
BNB price
Solana
Solana (SOL)
$207.91 2.44667
Solana price
XRP
XRP (XRP)
$2.88 2.11144
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000125 1.36123
Shiba Inu price
Pepe
Pepe (PEPE)
$0.00001 2.38882
Pepe price
Bonk
Bonk (BONK)
$0.0000215 5.84991
Bonk price
dogwifhat
dogwifhat (WIF)
$0.835697 1.76737
dogwifhat price
Popcat
Popcat (POPCAT)
$0.251203 3.13821
Popcat price

Kinto price slides 85% as project announces shutdown following $1.9M hack in July

Ankish Jain
Edited by
News
Ethereum L2 Kinto will shut down Sept. 30 after a $1.9M exploit, with lenders recovering 76% and hack victims eligible for partial grants.

Ethereum Layer-2 project Kinto will close this month after a major exploit in July drained its reserves and left the team unable to secure new funding.

Summary
  • Kinto price has fallen by more than 80% after a shutdown announcement following a July exploit that drained 577 ETH.
  • Phoenix lenders will recover about 76% of funds, while hack victims are eligible for $1,100 goodwill grants.
  • Withdrawals remain open until Sept. 30, with an Ethereum claim contract and ERA airdrop planned in October.

On Sept. 7, Kinto announced on X that its will shut down operations on Sept. 30, following a July exploit that drained about 577 ETH (worth $1.9 million) and left the team unable to recover financially.

The announcement sparked volatility, with the project’s K token sliding 85% in the last 24 hours, and now 94% down in the past month.

From exploit to shutdown

The incident stemmed from a vulnerability in the ERC-1967 Proxy standard, a widely used OpenZeppelin codebase for upgradeable smart contracts. 110,000 fake Kinto tokens were minted by attackers on Arbitrum (ARB) and used to siphon funds from Uniswap (UNI) liquidity pools and Morpho (MORPHO) lending vaults.

Through its “Phoenix Program,” Kinto raised $1 million in debt and resumed trading to stabilize operations. However, mounting debt, weak market conditions, and the loss of investor confidence proved insurmountable. Fundraising efforts have stalled, and team members have not been paid since July.

Kinto’s reimbursement and next steps

Kinto says it has consolidated around $800,000 of remaining assets into a foundation-controlled safe. These funds will go first to Phoenix lenders, who are expected to recover about 76% of their principal.

Hack victims on Morpho will receive up to $1,100 each from a $55,000 goodwill grant funded personally by Kinto founder Ramon Recuero. Additional recoveries from the stolen Ethereum (ETH), if successful, will be returned to victims and then shared with the community through a Snapshot vote.

Users have until Sept. 30 to withdraw assets from Kinto’s Layer-2. After that, a claim contract will be deployed on the Ethereum mainnet in October to allow users to recover balances. A scheduled ERA airdrop will still be distributed on Oct. 15.

A cautionary tale for DeFi

Kinto’s closure is just one more example of the risks that Layer-2 and DeFi projects, particularly those that rely on upgradeable smart contracts, face. The exploit has fueled renewed calls for stricter security measures, better treasury protections, and sustainable yield models.

For Kinto, the end comes with an effort to repay what it can. “We’ll shut down responsibly, return what we can today, and keep fighting for recoveries tomorrow,” the team wrote on X.