Cork Protocol, co-founded by Phil Fogel, has been hit with a major security breach. The DeFi platform suffered a theft of over $12 million worth of wstETH on May 28, 2025, leading to the immediate suspension of all contracts. To address the incident, Fogel and his team have engaged blockchain security experts to track down the exploit and protect users. They’ve also turned to seasoned investors such as a16z Crypto for assistance in managing the fallout from this attack. While trading volume on Cork Protocol remains strong despite the $23.8 million TVL loss, experts point to the vulnerability of wstETH as a key factor in the attack. The incident brings renewed attention to security concerns within DeFi and the importance of robust protocols in safeguarding digital assets in volatile markets.