DeFi Platform Cork Protocol Suffers $12M Exploit

The decentralized finance (DeFi) platform, Cork Protocol, experienced a significant security breach on May 28th, resulting in the loss of approximately $12 million worth of cryptocurrency. Cybersecurity firm Cyvers identified an exploit that targeted the protocol’s smart contracts, leading to the theft of roughly 3,761 Wrapped Staked Ether (wstETH). This attack quickly converted the stolen assets to Ether (ETH), further highlighting its impact. Cork Protocol has initiated a full investigation into the exploit and temporarily paused all contract operations. Co-founder Phil Fogel provided an update on X stating that they are actively investigating the incident.