CoinVoice has recently learned that Ramon Recuero, co-founder of the modular trading platform Kinto in the Arbitrum ecosystem, responded to yesterday's attack incident. The hacker exploited a vulnerability on Arbitrum that allowed for unlimited minting of K tokens, minting 110,000 K and launching an attack in an attempt to drain the liquidity pools of Morpho Vault and Uniswap v4. The incident resulted in approximately $1.55 million in losses of ETH and USDC, causing significant fluctuations in the price of K tokens.
Currently, the Kinto team is working with relevant parties to track the stolen funds. The official statement indicates that if the assets are successfully recovered or compensation funds are raised, user K token balances will be restored based on a snapshot taken before the attack by July 31, and trading on CEX will be resumed at the price prior to the attack.
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