Smart contract hacks and other cybersecurity exploits continue to be a significant issue for crypto and Web3 firms in 2025.
Cork Protocol, a decentralized finance (DeFi) platform, was hit by a smart contract exploit on May 28, resulting in the loss of roughly $12 million in digital assets.
Cybersecurity firm Cyvers said the hack occurred at 11:23:19 UTC and was funded by an address ending in “762B.” According to the firm, the attacker used the exploit to steal roughly 3,761 Wrapped Staked Ether (wstETH), which was converted to Ether (ETH) almost immediately after the attack.
“We are investigating a potential exploit on Cork Protocol and are pausing all contracts. We will report back with more information,” Cork Protocol co-founder Phil Fogel wrote on X.
