The post Kinto Price Crashes 85% Amid the Unfinished Story of July Hack appeared on BitcoinEthereumNews.com.

Kinto (K) announced it is shutting down after failing to recover from a series of blows, including a $1 million debt burden and the lingering effects of a July exploit. The news triggered a dramatic sell-off, with the K token plunging almost 85% in the past 24 hours. Kinto Shuts Down: Everything Users Need to Know Sponsored The DeFi project revealed the decision in a statement posted to X (Twitter), conceding that it had exhausted every possible avenue to continue. With every effort proving unsuccessful, it is now conducting an orderly wind-down. 1/ 🛑 Kinto is shutting down. After exhausting every path to keep going, we’re conducting orderly wind-down to protect users and community. – Users can normally withdraw assets– Phoenix lenders receive ~76%– Morpho Victims can claim up to $1.1k each Read full details 🧵 — Kinto (@KintoXYZ) September 7, 2025 The project emphasized that users can still withdraw their assets until September 30. Meanwhile, Phoenix lenders will recover around 76% of their principal. Morpho victims, who were hit hardest by the July exploit, can claim up to $1,100 each from a goodwill fund set up by the founder. “It’s time to accept reality. I pursued this venture to the best of my ability, but didn’t achieve a successful outcome. The CPIMP exploit was a black swan, yet I am contributing over $130,000 to offer relief to affected users,” stated Kinto founder Ramon Recuero. The project stressed that while its wallets, Layer-2 infrastructure, and core systems were never hacked, the July CPIMP proxy exploit drained 577 ETH. Reportedly, this compelled Kinto to raise debt in a desperate attempt to recover. Sponsored The incident caused the K price to drop by over 90% on July 10. Since the announcement to shut down, the Kinto ecosystem’s powering token has decreased by…

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Filed under: News - @ September 7, 2025 11:06 pm