Cork Protocol Hack Sparks $11.4M ETH Transfer Scare
What happens when a crypto platform gets hit by hackers? Cork Protocol, a decentralized finance (DeFi) project, is in big trouble after a security flaw let someone steal $11.4 million worth of Ethereum (ETH). On May 28, 2025, PeckShield reported that Cork moved 4,530.59 ETH to a new address after the hack. Here’s the scoop for crypto fans.
Cork Protocol helps people protect their crypto from losing value, kind of like insurance for digital coins. But a weak spot in its smart contract—think of it like a digital lock—was picked by a hacker. Security firm Cyvers spotted the problem first, saying the attacker grabbed 3,761.87 wrapped staked ETH (wstETH), a type of token, and swapped it for ETH in just 17 minutes. That’s super-fast, like snatching cash from a bank and vanishing before anyone notices.
The hack has everyone worried about DeFi safety. Smart contracts are supposed to be secure, but this shows they can have holes. Cork’s team quickly froze all their contracts to stop more losses, and they’re working with experts to figure out what went wrong. The stolen ETH is still sitting in one wallet, which is odd—usually, hackers split it up to hide their tracks. Could this mean they’re planning something else?
For crypto traders, this could shake things up. ETH prices might wobble, and people might think twice about using smaller DeFi platforms. But it’s also a chance to learn. Stronger security checks could make DeFi tougher to crack. At One More Cent, we’re hosting a webinar next month to talk about keeping your crypto safe. Stay tuned!
Sources: PeckShield Alert, Cyvers Report, Foresight News
