Kinto to Shut Down Following July Smart Contract Attack

According to BlockBeats, the modular trading platform Kinto, part of the Arbitrum ecosystem, suffered a smart contract attack in July, resulting in the loss of 577 ETH, valued at approximately $1.55 million. The platform has announced its closure on September 30. Founder Recuero has pledged to compensate some of the victims affected by the hack after the platform shuts down. He stated that all remaining foundation assets will be returned to lenders involved in the 'Phoenix' program, allowing them to recover 76% of their loan principal. Additionally, Recuero has committed $55,000 of his personal funds to compensate victims of the hack on the Morpho platform, with a maximum of $1,100 per address.