.jpeg)
On May 28, 2025, Cork Protocol, a decentralized finance (DeFi) platform, was hit by a significant security breach that resulted in the theft of $12 million in cryptocurrency. The attack exploited vulnerabilities in the platform's smart contracts, prompting the team to halt all operations while they investigate the incident.
Key Takeaways
-
Cork Protocol suffered a $12 million hack on May 28, 2025.
-
The hacker exploited a vulnerability in the smart contracts.
-
All operations have been suspended as a precautionary measure.
-
The stolen funds have not yet been moved from the hacker's wallet.
Incident Overview
The breach occurred at approximately 11:23 UTC when a malicious contract was deployed, allowing the hacker to withdraw 3,761.87 wstETH (Wrapped Staked Ether). Within just 17 minutes, the hacker converted these assets into Ethereum, effectively making off with the funds.
Cork Protocol's team confirmed the incident and immediately paused all trading activities across its markets. They stated, "We are investigating a potential exploit and are pausing all contracts. We will report back with more information as soon as possible."
Details of the Hack
-
Date of Incident: May 28, 2025
-
Time of Exploit: 11:23 UTC
-
Amount Stolen: $12 million
-
Assets Involved: 3,761.87 wstETH converted to Ethereum
The attack specifically targeted the wstETH:weETH market, but as a precaution, all other markets were also suspended. The founder of Cork Protocol, Phil Vogel, acknowledged the breach and assured users that further details would be released as the investigation unfolds.
Response and Investigation
Experts from Cyvers Alerts and SlowMist were among the first to report on the hack, identifying the malicious contract's deployment by a service provider. The investigation is ongoing, with the team working to understand the full scope of the breach and to implement necessary security measures to prevent future incidents.
Background on Cork Protocol
Cork Protocol was launched on March 4, 2025, and offers tools for tokenizing risks associated with the de-pegging of cryptocurrencies. The project had previously secured funding from notable investors, including OrangeDAO and IDEO CoLab Ventures, although the exact amount raised during its funding round was not disclosed.
This incident highlights the ongoing vulnerabilities within the DeFi space, where smart contract exploits continue to pose significant risks to investors and platforms alike. As the investigation continues, the community awaits further updates from Cork Protocol regarding the recovery of the stolen funds and the future of the platform.
Sources
-
Hacker withdrew $12 million from Cork Protocol, ForkLog., ForkLog.
-
Cork Protocol suspended operations after $12 million hack, incrypted., incrypted.
This article was created with support from AI-driven technology, drawing on multiple reputable sources. The final content has been thoroughly reviewed and edited by BlockzHub's editorial team to ensure accuracy, clarity, and coherence. Original reporting sources are credited whenever appropriate and as required. The opinions expressed in this article do not necessarily represent the official views or positions of BlockzHub. This article is intended for informational purposes only and should not be considered financial or professional advice. Investing involves risk, and you should consult a qualified financial advisor before making any investment decisions.