Hackers focused on a packed Ethereum contract and stable tokens worth around $ 12 million.
Decentralized financing platform Cork Protocol reportedly suffered a large exploit. On Wednesday 28 May, security company Slowmist emphasized a potential smart contract vulnerability with 3,760 deducted Ethereum (WSTETH) tokens.
After the report, Cork Protocol confirmed A ‘security incident’, which influences the wrapped in -packed Ethereum -Tokens and wrapped Ethereum -Tokens. As a result, the protocol pauted its smart contract.
According to Cork Protocol, no other markets on the platform were influenced. The team stated that they will actively investigate and offer updates.
What happened to the cork protocol?
According to the Blockchain security company Cyvers, the attacker has used a malignant contract with an address financed by 0x4771 … 762b. Cyvers claims That this address is probably a service provider, which means a Defi protocol, exchange or a bridge that used Cork Protocol.
Only 16 minutes later the malignant contract was executed and the attacker quickly changed the Wsteth for Ethereum. The stolen ETH has not yet been moved to other portfolios.
Cork protocol This allows users to cover themselves against the risk of token that depleting, including packed stablecoins, liquid insert and repairing tokens. The WSTETH van Weth -trading savings are one of the core markets that secures the protocol.
All these assets are forms of packaged tokens, so that users can perform defi operations that is not possible with the native assets. However, this also reveals users to additional risks, including counterpartic risk, smart contract vulnerabilities and potential exploits. In the case of a hacking or carpet pull, the wrapped version of a token can be worth less than the unpackaged counterpart, so that users have considerable losses.
With Cork Protocol, users can buy Depeg -Waps to protect their assets if they fall under their pen. In addition to Wsteth to Wineh, the platform also offers securitization for WYH to Wsteth, Suss to Usde and Susde to USDT.
