Kinto reports $1.55M hack, targets July 31 for token trading restart

Ethereum (ETH) layer-2 project Kinto has disclosed details of a recent exploit and its recovery plans, with CEO Ramon Recuero saying on X that a hacker exploited a vulnerability on the Arbitrum network to mint unlimited K tokens and drained ETH and USDC from Morpho and Uniswap. He also noted additional losses from the sharp drop in the K token’s price. Kinto is working with authorities to trace and recover the stolen funds and is raising capital to restore token balances to pre-hack levels. The project aims to resume K token trading on centralized exchanges at its previous price of $7.48 by July 31.