TechFlow news, September 8 — According to an official announcement, Kinto declared it will shut down on September 30. This follows a smart contract vulnerability attack on July 10, during which attackers forged 110,000 Kinto tokens and cashed out approximately 577 ETH (around $1.55 million), causing the platform's token value to plummet by about 95%. Although the team later launched a "Phoenix" restart initiative to resume operations, the additional debt made fundraising unsustainable. Kinto founder Ramón Recuero pledged to compensate bad debt users on Morpho with up to $1,100 per address using his personal funds. The platform will return 76% of principal to Phoenix borrowers, and remaining assets will also be used for compensation. He stated that the platform will be wound down in an orderly manner, with user interests protected as much as possible.
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