Ethereum Layer 2 network Kinto announced it will shut down on September 30. This comes after the platform suffered a contract vulnerability attack on July 10, during which the attacker forged 110,000 Kinto tokens and cashed out approximately 577 ETH (around $1.55 million), causing the platform's token to plummet by about 95%. Although the team later launched the 'Phoenix' reboot plan in an attempt to resume operations, the added debt made it difficult to sustain financing. Kinto founder Ramón Recuero has pledged to use personal funds to compensate Morpho users with bad debt, offering up to $1,100 per address. The platform will return 76% of the principal to Phoenix borrowers, and the remaining assets will also be used for compensation. He stated that the platform will be shut down in an orderly manner, with efforts made to protect user interests as much as possible. (TheBlock) https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=48374