{"id":43342,"date":"2025-05-28T18:30:19","date_gmt":"2025-05-28T15:30:19","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=43342"},"modified":"2025-05-28T18:11:52","modified_gmt":"2025-05-28T15:11:52","slug":"cork-protocol-halts-contracts-following-12-million-security-breach","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/cork-protocol-halts-contracts-following-12-million-security-breach\/","title":{"rendered":"Cork Protocol Halts Contracts Due to Security Vulnerability!"},"content":{"rendered":"

Cork Protocol<\/strong>, a decentralized finance (DeFi) platform that enables the trading of risks tied to pegged assets, has temporarily paused its contracts after losing approximately $12 million worth of wstETH<\/a><\/strong> (wrapped staked ETH).<\/p>\n

According to analysis by blockchain security firm Cyvers<\/strong>, the attacker managed to withdraw a total of 3,761.87 wstETH<\/strong> using a malicious smart contract. So far, the stolen funds have only been swapped for ETH and have not yet been dispersed across multiple wallets, which marks a slight deviation from typical on-chain attack behavior.<\/p>\n

Phil Fogel<\/strong>, founder of Cork Protocol, confirmed the incident via social platform X, stating: \u201cWe have identified a potential exploit in Cork Protocol and have paused all contracts. We are conducting a full investigation into the matter.\u201d<\/p>\n

Next-Gen DeFi Model Under Threat<\/h3>\n

Launched in March, Cork Protocol introduced a new approach to the DeFi space by allowing speculation on the difference between an asset\u2019s intended value and its market price. This model made it possible to trade financial risks<\/strong> linked to depeg<\/a> events<\/strong>.<\/p>\n

The platform had secured backing from notable investors such as a16z Crypto<\/strong>, OrangeDAO<\/strong>, and Steakhouse Financial<\/strong> in September 2024. It was also accepted into the CSX Fall 2024<\/strong> cohort of a16z Crypto.<\/p>\n

This incident once again highlights how security<\/a> vulnerabilities<\/strong> remain a major challenge in the DeFi sector and emphasizes the importance of reinforcing innovative protocols with robust protective measures.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em>the latest\u00a0news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Cork Protocol, a decentralized finance (DeFi) platform that enables the trading of risks tied to pegged assets, has temporarily paused its contracts after losing approximately $12 million worth of wstETH (wrapped staked ETH). According to analysis by blockchain security firm Cyvers, the attacker managed to withdraw a total of 3,761.87 wstETH using a malicious smart<\/p>\n","protected":false},"author":29,"featured_media":43345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,2],"tags":[16673,16674,93,16675],"class_list":["post-43342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchange-news","category-news","tag-cork-protocol","tag-cork-protocol-halts-contracts","tag-defi","tag-wrapped-eth"],"yoast_head":"\nCork Protocol Halts Contracts Due to Security Vulnerability! - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/cork-protocol-halts-contracts-following-12-million-security-breach\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cork Protocol Halts Contracts Due to Security Vulnerability! - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Cork Protocol, a decentralized finance (DeFi) platform that enables the trading of risks tied to pegged assets, has temporarily paused its contracts after losing approximately $12 million worth of wstETH (wrapped staked ETH). 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