Cork Protocol suffers $12M smart contract hack
Cork Protocol experienced a smart contract exploit on May 28, resulting in a loss of approximately $12 million in digital assets. The hack occurred at 11:23:19 UTC, with the attacker using an address ending in “762B” to steal around 3,761 Wrapped Staked Ether (wstETH), which was quickly converted to Ether (ETH). Cork Protocol has paused all contracts and is investigating the incident. This exploit highlights ongoing cybersecurity issues in the crypto industry, affecting consumer confidence and prompting calls for enhanced security measures. Separately, the Cetus decentralized exchange was hacked on May 22, leading to $223 million in stolen funds. Sui validators froze most of the funds, raising concerns about network centralization. The Cetus team offered a $6 million bounty for white hat hackers to help recover the stolen assets. A report from Dedaub revealed that the hack exploited liquidity parameters in the automated market maker (AMM), allowing hackers to manipulate values undetected and drain liquidity pools significantly.
