Foresight News reports that Ramon Recuero, co-founder of the modular trading platform Kinto on Arbitrum, tweeted about the attack event, stating that yesterday hackers exploited a vulnerability to mint an unlimited number of K tokens on Arb, minting 110,000 K tokens and initiating an attack to drain the Morpho Vault and Uniswap v4 pool. The final loss was approximately $1.55 million in ETH and USDC, causing K token price volatility. The team has currently contacted relevant departments to trace the stolen funds. If the stolen funds are tracked down or funds are raised in the future, the team will restore the K token balance to the snapshot before the hack and restart trading on CEX at the pre-attack price by July 31.
Foresight News previously reported that due to the impact of the hacker attack, the Kinto token K plummeted from $7.5 to $1.1 yesterday, a drop of 85%.
