Cork Protocol Loses $12 Million in Suspected Attack

Cork Protocol, a decentralized finance (DeFi) platform, is actively working to recover funds and redeploy its protocol following a suspected attack. Phil Fogel, co-founder of Cork Protocol, posted a statement on May 29th, outlining the steps being taken to address the incident. The attack, detected by Cyvers Alerts on the X platform, resulted in a loss of approximately $12 million. In response, Cork Protocol has suspended all contracts and is collaborating with relevant agencies, forensic experts, and security professionals to conduct a comprehensive post-mortem and recover the lost funds.

Fogel emphasized the importance of transparency and collaboration in the recovery process. The protocol's team is working diligently to identify the vulnerabilities that led to the attack and to implement necessary security measures to prevent future incidents. The goal is to redeploy the protocol as soon as possible, ensuring the safety and security of users' funds.

This incident highlights the ongoing challenges faced by DeFi platforms in maintaining security and protecting user assets. The collaborative efforts between Cork Protocol and external experts demonstrate a proactive approach to addressing security breaches and rebuilding trust within the community. As the investigation continues, users and stakeholders will be closely monitoring the progress and outcomes of the recovery efforts.