Privacy Protocol Hinkal Hacked, 797,000 USDC Stolen and Swapped for 454 ETH, Team Promises Full Compensation

CoinFeed July 4 news, decentralized privacy protocol Hinkal released the latest progress on this security incident, confirming that the attacker exploited a vulnerability to extract approximately 797,000 USDC from the Ethereum smart contract, and all were swapped for 454 ETH, of which 410 ETH were subsequently transferred to Tornado Cash, and the remaining ~44.67 ETH were bridged to the Bitcoin network via THORChain. The project team is currently cooperating with external security agencies to continuously track the flow of the stolen funds. Hinkal stated that this attack only affected the Ethereum chain fund pool, and the contracts on other public chains did not suffer asset theft; to fix the vulnerability and complete a comprehensive security audit, all protocol contracts have been temporarily suspended. Hinkal promises that all affected users' funds will be fully compensated at a 1:1 ratio, and the complete compensation process and implementation timeline will be announced separately.