Cork Protocol Suffers $12 Million Attack on X Platform

On May 28, 2025, Cyvers Alerts issued a warning on the X platform, indicating that the Cork Protocol had been targeted in a suspected attack, resulting in an approximate loss of $12 million. The attack was detected at 11:23:19 UTC, with the attacker deploying a malicious contract from the address 0x4771...762B, which is believed to be associated with a service provider.

Just 16 minutes and 45 seconds after the deployment, the attacker initiated the attack, successfully obtaining 3,761.87 wstETH. The attacker then promptly converted the wstETH to ETH. As of the latest update, the funds have not been transferred to another address, indicating that the attacker may still be in possession of the stolen assets.

This incident highlights the ongoing risks associated with decentralized finance (DeFi) protocols and the importance of robust security measures. The Cork Protocol, like many other DeFi platforms, relies on smart contracts to facilitate transactions and manage assets. However, the complexity and immutability of these contracts can make them vulnerable to exploits and attacks.

The attack on the Cork Protocol serves as a reminder of the need for continuous monitoring and vigilance in the DeFi space. Security firms like Cyvers Alerts play a crucial role in detecting and mitigating such threats, helping to protect users and their assets from malicious actors.

As the DeFi ecosystem continues to grow and evolve, it is essential for protocols to prioritize security and implement best practices to safeguard against potential attacks. This includes conducting thorough audits, employing advanced security tools, and staying informed about emerging threats and vulnerabilities.

In the aftermath of the attack, the Cork Protocol and other DeFi platforms may need to reassess their security measures and take steps to enhance their defenses. This could involve collaborating with security experts, implementing additional safeguards, and educating users about the importance of security in the DeFi space.

Overall, the incident underscores the need for a proactive approach to security in the DeFi ecosystem. By working together and prioritizing security, protocols can help to create a safer and more resilient environment for users and their assets.