The native token of Kinto (K), a modular decentralized exchange (DEX), has imploded, dipping nearly 92% in 24 hours after the project confirmed an off-chain exploit tied to its Arbitrum deployment.
K’s price hit a new all-time low of $0.5114 on July 10, triggering widespread panic, accusations of mismanagement, and claims of a “rug pull” across the crypto community.
Investor Unlock Flood or Exploit?
The official Kinto X account confirmed the incident, stating:
“an exploit has happened OFF the Kinto network impacting the $K token deployment in Arbitrum.”
The team assured users that funds within Kinto wallets and bridge vaults remain secure, and that there is an ongoing investigation assisted by security firms Seal 911, Hypernative, Venn, and Zeroshadow.
While the exploit drew immediate concern, community sleuths were quick to highlight another potential catalyst: a July 1 token unlock that released 73.6% or 1.86 million of investor tokens, doubling the circulating supply. As
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