Cork Protocol Security Breach: $12 Million Stolen in DeFi Hack

A hacker exploited a vulnerability in the smart contracts of the DeFi platform Cork Protocol, resulting in a theft of $12 million in cryptocurrency. The incident occurred on May 28, 2025, when the attacker deployed a malicious contract and quickly withdrew 3,761.87 wstETH, which was subsequently exchanged for Ethereum. As of now, the stolen funds have not been moved. The Cork Protocol team confirmed the breach, halted all contracts, and initiated an investigation. They promised to update with more information as it becomes available. Cork Protocol launched its mainnet on the Ethereum network on March 4, 2025, offering a tool for risk tokenization. This event highlights ongoing concerns about security in the crypto industry.