Cyvers Alerts has identified a $12 million smart contract exploit, with CorkProtocol potentially targeted in the attack.
The malicious contract was deployed on May 28, 2025, at 11:23:19 UTC by an address linked to 0x4771…762B, likely a service provider.
Within 17 minutes, the attacker exploited the contract, stealing 3,761.87 wrapped staked Ether (wstETH), which was quickly swapped to ETH.
Smart contract hacking involves exploiting vulnerabilities in self-executing contracts on blockchain networks. Attackers manipulate code flaws to steal funds, disrupt services, or gain unauthorized access.
These hacks pose significant risks to decentralized finance (DeFi) platforms, emphasizing the need for thorough security audits and robust contract development practices.
Stolen Funds Remain Unmoved, Suggesting Possible Further Attacker Activity
As of now, the stolen funds have not been moved to any other addresses, indicating the attacker may be preparing further actions. This incident highlights the persistent risks facing decentralized finance (DeFi) platforms, where vulnerabilities in smart contracts can lead to significant losses.
Investigations are ongoing, with the blockchain community closely monitoring the situation as more information becomes available.
This incident highlights ongoing risks in the DeFi ecosystem, where smart contract exploits continue to be a significant threat to projects and their users.
Vulnerabilities can arise from coding errors, inadequate security audits, or complex interactions within the DeFi protocols.
The case of Cork Protocol serves as a reminder of the need for robust security practices, timely detection, and swift response mechanisms to protect digital assets and maintain trust within the blockchain community.
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Rising DeFi Growth Fuels Increase in Smart Contract Hacking
Smart contract hacking is rising in the crypto world due to the rapid growth of decentralized finance (DeFi) and increased use of blockchain technology.
Many projects rush to launch without thorough security audits, leaving vulnerabilities in the code that hackers exploit. The complexity of smart contracts and their interactions with other protocols create multiple attack surfaces.
Additionally, the large sums of money locked in DeFi platforms make them attractive targets for cybercriminals.
The anonymity and decentralization of blockchain networks also make it harder to trace and stop attackers.
As the crypto ecosystem expands, so does the sophistication of hacking techniques, making smart contract security a critical challenge for developers and users alike.
Users can stay safe by using reputable platforms with strong security, avoiding suspicious links, enabling two-factor authentication, and regularly updating wallets.
They should also research projects thoroughly and avoid sharing private keys or sensitive information to reduce risks from smart contract hacks.
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