{"id":130179,"date":"2025-05-28T16:16:08","date_gmt":"2025-05-28T16:16:08","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=130179"},"modified":"2025-05-28T16:16:08","modified_gmt":"2025-05-28T16:16:08","slug":"cork-protocol-hacked-for-12m-smart-contracts-paused","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=130179","title":{"rendered":"Cork Protocol hacked for $12M, smart contracts paused"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsCork Protocol, a decentralized finance (DeFi) platform, was hit by a smart contract exploit on May 28, resulting in the loss of roughly $12 million in digital assets.<br \/>\nCybersecurity firm Cyvers said the hack occurred at 11:23:19 UTC and was funded by an address ending in \u201c762B.\u201d According to the firm, the attacker used the exploit to steal roughly 3,761 Wrapped Staked Ether (wstETH), which was converted to Ether (ETH) almost immediately after the attack.<br \/>\n\u201cWe are investigating a potential exploit on Cork Protocol and are pausing all contracts. We will report back with more information,\u201d Cork Protocol co-founder Phil Fogel wrote on X.<br \/>\nCork Protocol smart contract exploit details. Source: CyversThe Cork Protocol exploit is the latest hacking incident to impact the crypto industry as cybersecurity continues to be a major issue in the sector, lowering consumer confidence, and prompting calls to improve security measures from crypto industry executives.<br \/>\nRelated: Hacken CEO sees \u2018no shift\u2019 in crypto security as April hacks hit $357M<br \/>\nCetus hacked for $223 million days ago<br \/>\nThe Cetus decentralized crypto exchange (DEX), a trading platform built on the Sui network, was hacked on May 22, resulting in $223 million in stolen funds.<br \/>\nSui validators froze a majority of the funds, sparking a debate about the centralization of the network and the appropriate course of action for blockchain validators following a major hacking incident.<br \/>\nThe Cetus team announced a $6 million bounty for white hat hackers assisting in the return of the remaining stolen funds.<br \/>\nBlockchain security firm Dedaub released a post-mortem report dissecting the incident details. According to the report, the hack was caused by an exploit of the liquidity parameters used by the Cetus automated market maker (AMM).<br \/>\nThe hackers manipulated the field by altering values that went undetected in a most significant bits (MSB) check. Changes to a binary code\u2019s most significant bits dramatically alter the values produced by that binary code.<br \/>\nThis allowed the hackers to add massive amounts of liquidity to the system with only a keystroke and drain other liquidity pools of hundreds of millions of dollars.<br \/>\nMagazine: Weird \u2018null address\u2019 iVest hack, millions of PCs still vulnerable to \u2018Sinkclose\u2019 malware: Crypto-Sec<a href=\"https:\/\/cointelegraph.com\/news\/cork-protocol-hacked-contracts-paused?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsCork Protocol, a decentralized finance (DeFi) platform, was hit by a smart contract exploit on May 28, resulting in the loss of roughly $12 million in digital assets.&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130179"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130179"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130179\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130179"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}