Alert in DeFi!
Cork Protocol loses $12 Million in #exploit smart contract
#CorkProtocol , a DeFi platform backed by a16z crypto and OrangeDAO since September 2024, suffered a smart contract exploit on May 28, 2025, at 11:23 UTC, resulting in the theft of 3,762 wstETH valued at $12 million.
According to Cyvers, the attacker, likely funded by a service provider, deployed a malicious contract that exploited a flaw in the exchange rate logic of the contract, using fake tokens to drain the funds, which were quickly converted to 4,530 #ETH.
Debaub pointed out that the vulnerability originated from an issue with the internal exchange rate of the contract.
Cork Protocol paused all its markets as a precaution and is investigating the cause.