Decentralized Finance (Defi) Platform Cork Protocol has suffered a smart contract utilization, with hackers allegedly stealing $ 12 million worth of wrapped stack ether (Wsteth).
Blockchain Security Monitor Cyvers noted the exploitation and said the malicious contract was deployed by a wallet that was probably funded by a service provider.
It added that $ 12 million worth of Wsteth was quickly swapped to ETH.
Cork Protocol received investments from A16Z Crypto and Orangedao in September 2024.
“There was a security event that affected Wsteth: Weeth Market at 11:23 AM Today,” Cork wrote at X.
Cork added that it has paused all other markets as a caution and that it is investigating the root cause.
Security Audit Company Debaub wrote that the striker probably manipulated a problem with Smart Contact’s Exchange Curs by issuing fake tokens.
