Why did Kinto Token Price Crash 85% in 24 Hours?
The post Why did Kinto Token Price Crash 85% in 24 Hours? appeared on BitcoinEthereumNews.com. The Kinto (K) token is trending in the crypto space but for the wrong reasons, leading to an 85% price crash in just 24 hours. Kinto is an Ethereum Layer-2 project and has hit investors with massive news, leading to the downfall and criticism on social media platforms. Kinto Announced Shut Down, Token Price Crash The Kinto holders have been hit with a massive shock today, as the project announced the shutdown of its operation in an X post, effective from September 30. Notably, the project faced a major exploit in July, where hackers drained 577 ETH, equivalent to $1.6M from its liquidity pool, pushing the Kinto token price to an all-time low. Source: X, KintoXYZ Although they raised $1M debt financing to restart operations and even issued a new KINTO token, the debt didn’t stop them from filing. Even the crypto market conditions weren’t entirely favorable, with major corrections in Jobless Claims Data and others, restricting price recovery. Now, after nearly two months and despite attempts to recover the stolen funds, the project has decided to shut down, resulting in its 85% crash today. In the X post, they revealed that despite attempts, they failed to raise new funding, resulting in wind-down and unpaid salaries of the employees since the exploit itself. We’re sorry. We fought to the end—relaunching, raising, working without pay—but it wasn’t enough. We’ll shut down responsibly, return what we can today, and keep fighting for recoveries tomorrow. Kinto Token Price Performance Today The Kinto token price chart clearly reveals the impact of the exploit and today’s decision, as it faced an 85% decline, nearing its all-time low mark. Within minutes of the shutdown announcement, the price plummeted, losing 85% in 24 hours, 92% over the month, and is currently trading at $0.4019 with $790.19k in…
The post Why did Kinto Token Price Crash 85% in 24 Hours? appeared on BitcoinEthereumNews.com.
The Kinto (K) token is trending in the crypto space but for the wrong reasons, leading to an 85% price crash in just 24 hours. Kinto is an Ethereum Layer-2 project and has hit investors with massive news, leading to the downfall and criticism on social media platforms. Kinto Announced Shut Down, Token Price Crash The Kinto holders have been hit with a massive shock today, as the project announced the shutdown of its operation in an X post, effective from September 30. Notably, the project faced a major exploit in July, where hackers drained 577 ETH, equivalent to $1.6M from its liquidity pool, pushing the Kinto token price to an all-time low. Source: X, KintoXYZ Although they raised $1M debt financing to restart operations and even issued a new KINTO token, the debt didn’t stop them from filing. Even the crypto market conditions weren’t entirely favorable, with major corrections in Jobless Claims Data and others, restricting price recovery. Now, after nearly two months and despite attempts to recover the stolen funds, the project has decided to shut down, resulting in its 85% crash today. In the X post, they revealed that despite attempts, they failed to raise new funding, resulting in wind-down and unpaid salaries of the employees since the exploit itself. We’re sorry. We fought to the end—relaunching, raising, working without pay—but it wasn’t enough. We’ll shut down responsibly, return what we can today, and keep fighting for recoveries tomorrow. Kinto Token Price Performance Today The Kinto token price chart clearly reveals the impact of the exploit and today’s decision, as it faced an 85% decline, nearing its all-time low mark. Within minutes of the shutdown announcement, the price plummeted, losing 85% in 24 hours, 92% over the month, and is currently trading at $0.4019 with $790.19k in…
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