Kinto Plunges 81% as ETH L2 Set to Wind Down Months After Hack

DeFi default: Kinto shutdown prompts first haircut for Wildcat lenders

Less than two months after being hacked, decentralized finance (DeFi) platform Kinto has announced its decision to shut down “to protect users and community.” Kinto’s post-hack recovery plan, dubbed “Phoenix,” included raising $750,000 in crypto from private credit protocol Wildcat Finance, promising depositors 50% APR. The bridge loan turned out to be insufficient, however. Kinto explained that “the 577 ETH that were drained and new debt + mark…

Why did Kinto Token Price Crash 85% in 24 Hours?

The Kinto (K) token is trending in the crypto space but for the wrong reasons, leading to an 85% price crash in just 24 hours. Kinto is an Ethereum Layer-2 project and has hit investors with massive news, leading to the downfall and criticism on social media platforms. Kinto Announced Shut Down, Token Price Crash The post Why did Kinto Token Price Crash 85% in 24 Hours? appeared first on CoinGape.

Kinto price slides 85% as project announces shutdown

Kinto price is down 85% as Ethereum Layer-2 announces shut down on Sept. 30 following a $1.9M exploit, with Phoenix lenders expected to receive 76% recovery.

Kinto plunges 81% as ETH L2 set to wind down months after hack

The team behind the Ethereum layer-2 project Kinto announced it would shut down at the end of September, causing the Kinto token’s price to drop nearly 80%.

Here’s How a Single Exploit Brought Down Ethereum Layer 2 Kinto

For Ramón Recuero, Kinto’s closure marks the second time he has had to oversee damage control after a hack. His previous project, Babylon Finance, was hit indirectly when Rari Protocol collapsed in 2022, leaving users with millions in unrecovered losses. This time, he is determined to exit openly rather than fade away. “We’ve been working without salaries for months,” Recuero told the community, adding that continuing operations would only drag …

Kinto Shutdown: Tragic End For Ethereum Layer 2 After $1.6M Hack

BitcoinWorld Kinto Shutdown: Tragic End for Ethereum Layer 2 After $1.6M Hack The crypto community is witnessing a somber moment as the Kinto shutdown looms. This Ethereum Layer 2 blockchain project is set to cease operations on September 30th, a direct consequence of a significant $1.6 million hack that occurred in July. This news, initially reported by The Block, highlights the persistent security challenges within the decentralized finance (D…