The asset-pegged platform, Cork Protocol, recently suffered a significant $10 million exploit, prompting concerns within the DeFi community. SlowMist, a blockchain security firm, has revealed this incident, detailing how an attacker exploited a vulnerability on the platform and illicitly transferred almost 3,760 wrapped staked Ether (wstETH) from Cork Protocol. 0x9Af…..9bb09 is the wallet address linked to the stolen funds, which were subsequently burned via Ethereum’s burn address in multiple transfers to obfuscate the trail of the stolen assets.
SlowMist identified the exploit shortly after it occurred, alerting other platforms like Phalcon, CertiK, and others. The drained wstETH tokens then moved to the address 0xEA6…..4da98. Security entities are now actively investigating the attack with Cork Protocol’s security team leading the investigation. It has assured the community that more updates will be forthcoming regarding the exploit and potential recovery.
This incident raises crucial questions about the cybersecurity of DeFi platforms. The impact of this hack highlights the need for increased vigilance and strengthened security measures within the growing digital finance sector.