Kinto's Value Plummets 85% After Project Reveals Shutdown Post $1.9M Hack in July

Kinto's Closure: Ethereum Layer-2 project Kinto will shut down on September 30 after a July exploit drained 577 ETH, leading to an 80% drop in its token price and inability to secure new funding.

Reimbursement Efforts: Kinto has consolidated remaining assets for reimbursement, with Phoenix lenders expected to recover 76% of their funds, while hack victims will receive goodwill grants of up to $1,100 each, and a claim contract will be deployed in October for further asset recovery.