Kucoin Hinkal Protocol Hacked: $797K in USDC Stolen and Converted
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- •Hinkal lost approximately 797,000 USDC due to a security breach.
- •The attacker converted stolen funds into 454 ETH, with significant amounts moved to Tornado Cash.
- •Hinkal will fully reimburse affected users and has suspended all contracts for security checks.
On July 4, 2026, the decentralized privacy protocol Hinkal confirmed a security breach where attackers extracted approximately 797,000 USDC from its Ethereum contract. The stolen funds were converted into 454 ETH, with around 410 ETH transferred to Tornado Cash and approximately 44.67 ETH cross-chain transferred to the Bitcoin network via THORChain. Hinkal stated that the attack was limited to its Ethereum liquidity pools, with no impact on other chains. All contracts have been temporarily suspended for security verification and repairs. Hinkal has pledged to fully reimburse affected users at a 1:1 ratio, with further details on the compensation process to be announced. The incident highlights the ongoing vulnerabilities in decentralized finance protocols.
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