Cork Protocol Loses $12 Million in Latest DeFi Smart Contract Exploit


Cork Protocol suffered a significant smart contract hack on Wednesday, resulting in approximately $12 million in stolen digital assets.


The attacker exploited the platform at 11:23 a.m. UTC, stealing 3,761 Wrapped Staked $ETH, which was immediately converted to Ether.


Cork Protocol co-founder Phil Fogel confirmed the incident and announced all contracts have been paused pending investigation.


This follows the recent Cetus DEX hack on the Sui network, where $223 million was stolen through liquidity parameter manipulation.


Cybersecurity firm Cyvers tracked the exploit to an address ending in "762B" that funded the malicious transaction.


The incident highlights ongoing #DeFi security challenges that continue undermining consumer confidence in decentralized protocols.


Smart contract vulnerabilities remain a persistent threat requiring enhanced security measures across the ecosystem.

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May 28, 2025 at 11:20 PM
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