Kinto plunges 81% as ETH L2 set to wind down months after hack

Ethereum layer-2 Kinto’s token plummeted after its team announced its blockchain would wind down on Sept. 30, months after a $1.6 million hack.

The Kinto token, the governance token of the Kinto Network, has plummeted over 80% after its team announced that its Ethereum layer-2 blockchain is shutting down at the end of September, following months of setbacks.

Kinto raised $1 million in debt to restore trading on its “modular exchange” after an industry-wide hack in July drained about 577 Ether (ETH) worth around $1.6 million from the protocol. 

However, worsening market conditions “killed further fundraising,” forcing the crypto project to shut down, Kinto posted to Medium on Sunday. 

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