A major exploit targeting the Cork Protocol, a decentralized finance (DeFi) platform, has caused a loss of around $12 million in crypto assets, which were in the form of 3,761.87 wstETH (Wrapped Staked Ether). This wrapped token is used for staked ETH held in liquid staking protocols.
Hacker Swaps $12M to Ethereum, Source: X
The threat was initially detected by blockchain security company Cyvers Alerts, which identified the malicious activity as it happened on May 28, 2025. The hacker’s wallet was funded by another wallet address, 0x4771.762B, believed to be associated with a crypto service provider. Only 16 minutes and 45 seconds after the contract was deployed, the hacker was able to successfully exploit it.
The hacker was able to steal 3,761.87 wstETH that was later rapidly converted into ETH. As of reporting, the funds stolen are yet to be transferred to any other wallet addresses.
After the incident, Cork Protocol released a statement that it is currently looking into the exploit and has suspended all contracts to avoid any further loss. The team had guaranteed the community that further updates would be revealed as circumstances unfolded.
