The world of decentralized finance (DeFi) has been rattled yet again with a major hack. Cork Protocol, a key player in the DeFi arena, was breached in a smart contract exploit on May 28. According to cybersecurity firm Cyvers, the perpetrator managed to purloin a chilling amount of $12 million in digital assets.
The attacker, with a cryptic address ending in “762B,” orchestrated a complex exploit to siphon off roughly 3,761 Wrapped Staked Ether (wstETH). The stolen digital currency was swiftly converted into Ether (ETH), rendering traces of the theft almost invisible.
Cork Protocol Co-founder, Phil Fogel, disclosed the attack on platform and assured “We are investigating a potential exploit on Cork Protocol and are pausing all contracts. We will report back with more information.”
This hacking incident again highlights the pervading insecurity and volatility in the crypto industry, denting customer trust and leading to a pressing need for improved security measures.
Just days before, another DeFi platform, Cetus, a decentralized crypto exchange (DEX) built on the Sui network, was robbed of an astonishing $223 million. In an unexpected turn of events, Sui validators successfully froze the majority of the stolen funds, triggering a debate on the centralization of the network and the intervention policies.
This constant flux of security concerns in the crypto sphere underscores the urgent need for stringent security systems and reactive measures to mitigate such crisis situations.
