Ethereum Layer-2 Devastated: Kinto Token Plunges 90% After Smart Contract Exploit

A devastating smart contract exploit has shaken the Ethereum Layer-2 community, resulting in the dramatic crash of the Kinto token. This incident not only underscores the vulnerability of these decentralized finance projects but also highlights how a single flaw can significantly erode trust and investor confidence. 577 ETH (nearly $1.6 million) were stolen from the project in July, triggering a domino effect that led to a near 90% decline in Kinto token value. 🤯 Panic selling ensued, fueled by the sudden collapse of the token’s price. Investors face severe losses, and the project has been forced to shut down, with only partial recovery for lenders.