Kinto to shut down the project and initiate user asset redemption arrangements

Foresight News reported that Arbitrum ecosystem modular trading platform Kinto announced on Twitter that due to the July K token attack, which resulted in a loss of 577 ETH and increased financing and debt pressure, the team has not received any salary since July and has now decided to shut down the project. All remaining assets (about $800,000) will be used to repay Phoenix lenders, with an expected recovery of 76% of the principal. In addition, the founder will personally donate $55,000, and victims of Morpho and Royco can receive up to $1,100 per address. Kinto wallet and asset withdrawals will be open until September 30, and the ERA airdrop is expected to be distributed on October 15.