Kinto suffered a contract vulnerability attack, resulting in losses exceeding $1.55 million. The official plan is to restore user assets by the end of July

ChainCatcher news, Ramon Recuero, co-founder of the Arbitrum ecosystem modular trading platform Kinto, responded to yesterday's attack incident. The hacker exploited a vulnerability in Arbitrum that allowed for unlimited minting of K tokens, minting 110,000 K and launching an attack aimed at draining the liquidity pools of Morpho Vault and Uniswap v4. This incident resulted in approximately $1.55 million in losses of ETH and USDC, causing significant fluctuations in the price of K tokens.
Currently, the Kinto team is working with relevant parties to trace the stolen funds. The official statement indicates that if the assets are successfully recovered or compensation funds are raised, they will restore users' K token balances based on a snapshot taken before the attack by July 31, and restart trading on CEX at the price prior to the attack.