Cork Protocol Halts Operations After $12 Million DeFi Exploit Raises Concerns

The Cork Protocol has halted operations, citing a major exploit that resulted in the loss of $12 million from its decentralized finance platform. The pause raises broader concerns about security vulnerabilities within the DeFi sector, which is facing increased risks of attacks on protocols and associated assets. The financial implications remain unclear as market participants await further updates. It’s possible collateral linked to the incident may suffer depreciation, although major cryptocurrencies haven’t shown significant reactions to this news.