Kinto to Shut Down After Security Breach Hits Project

The Ethereum layer-2 project, Kinto, will cease operations by the end of this month after a major security breach in July. The attack exploited a vulnerability in its smart contract system, resulting in 110,000 fake tokens being minted and $1.55 million siphoned from Kinto’s lending pools. This substantial financial loss underscores the risks associated with decentralized finance (DeFi).