KEYTAKEAWAYS
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Kinto, an Ethereum Layer 2, will shut down after a major exploit and failed restart plan, returning partial funds to users.
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Grayscale filed to convert its Chainlink Trust into a spot ETF with staking options, potentially giving investors regulated LINK exposure and extra yield.
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CleanCore Solutions acquired 285M DOGE, aiming for 1B holdings, boosting its stock 40% and Dogecoin’s market cap above $36B.
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KINTO TO SHUT DOWN ON SEPTEMBER 30
Kinto, an Ethereum Layer 2 project, announced it will shut down on September 30. The platform suffered a contract exploit in July when a hacker minted 110,000 fake Kinto tokens and cashed out around 577 ETH, causing the token to plunge over 95%. Although the team later launched the “Phoenix” restart plan, new debt and blocked financing made operations unsustainable. Founder Ramón Recuero said he would use personal funds to partially compensate users and pledged to return 76% of principal to Phoenix borrowers. Remaining assets will also be distributed to cover losses.
Kinto’s closure highlights the severe challenges new Layer 2 projects face in security and sustainability. A single smart contract exploit destroyed its credibility, making fundraising and ecosystem rebuilding nearly impossible. Despite attempts at recovery, trust loss proved fatal. This incident underscores that beyond scalability and liquidity incentives, security and risk control are crucial for long-term survival.
GRAYSCALE FILES FOR FIRST CHAINLINK ETF
On September 8, 2025, Grayscale filed with the SEC to convert its existing Chainlink Trust into a spot ETF, with the proposed ticker GLNK. If approved, the fund will trade on NYSE Arca, making it the first Chainlink-linked crypto ETF. According to the filing, the GLNK ETF will handle creations and redemptions in cash and may integrate staking. LINK tokens would be custodied by a third-party provider, with staking rewards retained, distributed to shareholders, or used to cover expenses—potentially giving investors extra yield.
Currently, the Grayscale Chainlink Trust manages about \$29 million in assets under custody with Coinbase Custody Trust Company. The filing is part of Grayscale’s broader push to transition several single-asset trusts, including Solana, Dogecoin, and XRP, into ETFs. Following the news, LINK rose about 3% in 24 hours, with other major altcoins like XRP, SOL, and DOGE also trending higher. If approved, GLNK ETF would provide regulated access to Chainlink for traditional investors and could become the first U.S. crypto ETF offering staking rewards.
CLEANCORE ACCUMULATES MASSIVE DOGE TREASURY
U.S.-listed company CleanCore Solutions (ZONE) announced it has acquired 285.4 million Dogecoin worth around \$68 million and partnered with the House of Doge under the Dogecoin Foundation to establish a dedicated treasury. The company said it will continue accumulating over the next month, targeting a total of 1 billion DOGE holdings, making it the largest corporate Dogecoin treasury globally.
The announcement quickly boosted market sentiment. CleanCore’s stock, which closed Monday at \$3.51, surged 40% after hours, pushing its market cap to about \$500 million. Meanwhile, Dogecoin (DOGE) gained roughly 7% to \$0.24, lifting its market capitalization above \$36 billion and securing its position as the seventh-largest cryptocurrency by market value.
