07.09.2025 23:06
BitcoinEthereumNews.com içeriği olmadan yeniden yazılmış metin:
**Kinto's Demise: A DeFi Project Succumbs to Exploits and Debt**
Kinto, the decentralized finance (DeFi) project, is drawing to a close, a casualty of persistent challenges that ultimately proved insurmountable. This closure, announced following failed attempts at revival, encompasses a substantial debt of $1 million and the enduring consequences of a July exploit, causing a swift and severe market reaction. The K token experienced a significant downturn, shedding approximately 85% of its value within a single day of trading.
The project's decision was communicated through a post on X (formerly Twitter), where the team admitted that all available avenues for continued operation had been exhausted. The statement outlined plans for an organized wind-down process, a necessary step to safeguard users and the wider community in light of the failed recovery efforts. Users have been assured that asset withdrawals will be permitted, while Phoenix lenders are expected to recoup roughly 76% of their initial investment.
Affected by the July exploit, Morpho victims are slated to receive compensation from a goodwill fund established by Kinto's founder, with claims capped at $1,100 per individual. Ramon Recuero, the founder, reflected on the outcome, acknowledging the project's failure despite his best endeavors. He further highlighted the CPIMP exploit as an unforeseen event and committed over $130,000 to aid impacted users, demonstrating a commitment to resolving the situation.
Crucially, the project clarified that its core systems, including wallets and Layer-2 infrastructure, were never breached directly. However, the July CPIMP proxy exploit resulted in the draining of 577 ETH, a financial blow that reportedly compelled Kinto to seek external debt to stabilize its operations. The price of the K token plummeted dramatically as a result of the initial exploit, losing over 90% of its value on July 10th, further compounding its struggles. Since the announcement of the project's closure, the value of the Kinto ecosystem's representative token has continued to decline.
