Kinto Announces Closure and Initiates Orderly Liquidation

PANews reported on September 8th that Kinto, according to its official Medium post, lost 577 ETH in July due to a CPIMP proxy exploit on Arbitrum's $K token . This has exacerbated funding and debt pressures, and the team has not received any compensation since July. The project has now been shut down. All remaining assets (approximately $800,000) will be used to repay Phoenix lenders, with an estimated 76% principal recovery. The founder will personally donate $55,000, and victims will receive up to $1,100 per address and can participate in future fund recovery through the CVR protocol. Kinto wallet and asset withdrawals will be available until September 30th, and the ERA airdrop is expected to be distributed on October 15th.