Trendaavat aiheet
#
Bonk Eco continues to show strength amid $USELESS rally
#
Pump.fun to raise $1B token sale, traders speculating on airdrop
#
Boop.Fun leading the way with a new launchpad on Solana.
🧵 1/10 $K Hack Recap & Recovery Plan
The last 72 h were brutal. A sophisticated proxy exploit let an attacker mint unlimited $K on Arbitrum, drain our Uniswap pool + Morpho vault, and nuked the price with millions of fake tokens.
Here’s the recap & path forward 🧵
2/10 What happened
• Hidden “hacker-proxy” inside the ERC-1967 proxy 🚩
• Attacker flipped the pointer, seized owner() + minted at will
• Drained $1.55 M liquidity & USDC in minutes
• Price collapsed >95 % 💥
11.7. klo 05.44
1/ After 12 harrowing hours, now that we have more info, wanted to provide a full recap of what happened and what's our plan to recover from here.
Hacker was able to mint unlimited K tokens on Arb and take 1.55M in ETH & USDC from Uniswap and Morpho (+ damages on the K price) 🧵
3/10 What didn’t happen
✅ Kinto L2 contracts, bridge, wallet SDK, AA infra ⛩️
✅ User deposits/withdrawals on Kinto
The bug was quite complex and relied in the 10-year-old ERC-20 proxy & Block Explorers slot mishap that we didn’t write.
4/10 Timeline (UTC)
• Jul 9 20:17 – Exploit disclosed
• Jul 10 08:40 – Attacker mints & drains liquidity
• Jul 10 09:50 – First Announcement by Kinto team
• Jul 10 16:18 – Venn disclosure recognizing Kinto was not notified
• Jul 10 21:44 – Full thread recapping the situation
• Jul 11 – ZeroShadow engagement signed & contacted authorities
• Jul 12 – Deep technical dive by @pcaversaccio
13.7. klo 03.22
so I found out that it's even fancier. I observed that the frontrunning tx (by the attackers) calls `initialize` and protocols also call _successfully_ `initialize` after (thus they think everything is normal). But wait, how is this even possible? I had to look very deep into the storage slot changes and guess what I found: they _reset_ the `_initialized` storage slot value at the end of the frontrunning tx (after they swapped to the malicious implementation contract). This means that the proxy storage looks now as it was never initialised.
The relevant storage slot to look at is `keccak256(abi.encode(uint256(keccak256(" - 1)) & ~bytes32(uint256(0xff))` = `0xf0c57e16840df040f15088dc2f81fe391c3923bec73e23a9662efc9c229c6a00`
This is next-level evil.
5/10 Impact
• Direct loss: $1.55 M
• Market cap: –$10 M
• Morpho suppliers owed $3.2 M; borrowers hold $2.4 M (liq ≥ $3)
6/10 The comeback plan
1️⃣ Deploy proxy-less $K v2 on Arbitrum
2️⃣ Snapshot & restore ALL balances (on-chain + CEX) Block:
356170028
3️⃣ Seed new Uniswap pool & reopen CEXs at pre-hack price
4️⃣ Borrowers get 90 d to repay → suppliers recoup 85 %+
5️⃣ “Dip buyers” before our first alert receive v2 $K pro-rata
7/10 Where we are now
• Trading frozen on Gate, MEXC, BingX
• Remaining liquidity removed to protect users from trading
• Working with investigators & exchanges
• Working on the migration plan
8/10 We’re raising a recovery fund
Bootstrapping fresh liquidity isn’t free. If you believe in Kinto’s mission—safer, compliant DeFi—consider helping. Every wei goes to liquidity & restitution.
Please reach out 🙏
9/10 Our promise
This wasn’t a bug in Kinto code, but responsibility is ours. We’ll:
• Migrate the token as fast as we can 🛡️
• Keep comms 100 % transparent
• Make every affected user whole as quickly as humanly possible
31,84K
Johtavat
Rankkaus
Suosikit