Kinto Co-founder: Attack Causes Approximately $1.55 Million in Losses, Stolen Funds Being Traced

Ramon Recuero, co-founder of Arbitrum ecosystem modular trading platform Kinto, issued a statement regarding the attack, saying that yesterday hackers exploited a vulnerability that allowed them to mint an unlimited amount of K tokens on Arbitrum, minting 110,000 K tokens and launching an attack to deplete the Morpho Vault and Uniswap v4 pool. The final loss was approximately $1.55 million in $ETH and $USDC, causing fluctuations in the price of the K token.

Currently, the Kinto team has contacted relevant departments to track down the stolen funds. If the stolen funds are tracked down in the future or funds are raised, the team will restore the K token balance to the snapshot state before the hacker attack and restart trading on CEX at the pre-attack price before July 31.