News

Foresight News reports that Kinto founder Ramon Recuero has released a detailed post-mortem report regarding the K token hack. The attack originated from a hidden backdoor vulnerability in the ERC-1967 Proxy standard, which allowed the attacker to bypass block explorer detection, upgrade the K proxy contract on Arbitrum, and mint unlimited tokens. The attacker then extracted approximately $1.55 million in liquidity from Uniswap V4 and Morpho Blue. Kinto stated that the vulnerability exists in the widely used OpenZeppelin Proxy template and was not code written by the Kinto team. The Kinto L2 network, wallet SDK, and abstraction infrastructure were not affected, and users’ other assets on Kinto were not impacted. The project team will implement the following remediation measures: Deploy a new K contract: Launch a reinforced new contract on Arbitrum; Asset recovery: Take a snapshot of on-chain and certain exchange addresses at the pre-attack block (356170028) to restore all token balances; Liquidity restart: Conduct a small-scale fundraising round to inject new liquidity into the Uniswap pool and restore exchange trading at pre-attack prices; Morpho compensation plan: Grant borrowers a 90-day repayment period, with the team covering the remaining shortfall; Speculator compensation mechanism: Provide a proportional distribution window of new K tokens as compensation to users who purchased after the attack but before the announcement. Currently, Kinto has frozen trading on the affected exchange and closed the remaining liquidity, while collaborating with security teams such as ZeroShadow and Venn to track the attacker. The project team is calling on the community to support the rebuilding plan and raise funds to restore the market and compensate victims.

Foresight News reports that Web3 data infrastructure project Chainbase has announced the launch of its native token, C, along with details of its tokenomics and distribution mechanism. C serves as the core asset of the Hyperdata Network, used for data access, ecosystem incentives, decentralized validation, protocol governance, and DataFi settlement. The total supply of C tokens is 1 billion, with an initial unlock rate of 16%. Of this, 40% will be allocated to ecosystem and community development, 13% to three rounds of airdrop incentives (including 2% for the first season’s community airdrop and 1.5% for a certain exchange’s Alpha incentive), 12% to node incentives, 17% to early investors, 15% to the core team, and 3% reserved for liquidity. The token will be issued on both Base and BNB Chain, utilizing a parallel cliff and linear unlocking mechanism to align with platform usage growth. Chainbase has indexed over 200 blockchains, serving more than 10,000 projects and 35,000 developers, with cumulative data calls exceeding 500 billion.