What to know:
- In a twist of fate, Cork Protocol has decided to pause all markets after a rather unfortunate $12 million smart contract exploit. Who knew money could vanish so quickly? 💨
- According to the ever-watchful security auditor Debaub, the attack was a result of a little hiccup in the smart contract’s exchange rate, which our crafty attacker manipulated by issuing fake tokens. A true artist, if you will! 🎭
- And let’s not forget, this protocol is backed by the big shots: a16z and OrangeDAO. Because nothing says “trustworthy” like a hefty investment, right? 😏
Ah, the decentralized finance (DeFi) platform Cork Protocol has found itself in a rather sticky situation, having lost a staggering $12 million worth of wrapped staked ether (wstETH) to some rather unsavory characters. One can only imagine the conversations happening over tea in the boardroom! ☕️
Blockchain security monitor Cyvers, with all the enthusiasm of a detective in a mystery novel, noticed the exploit. They claimed that the malicious contract was deployed by a wallet likely funded by a service provider. A classic case of “who done it?” 🕵️♂️
In a flash, $12 million worth of wstETH was swapped for ETH. It’s almost as if the money had legs and decided to run away! 🏃♂️💨
Cork Protocol, in a moment of reflection, received investments from a16z crypto and OrangeDAO back in September 2024. Perhaps they should have invested in a better security system instead? 🤔
“There was a security incident affecting the wstETH:weETH market at 11:23 UTC today,” Cork wrote on X, as if announcing a new flavor of ice cream. 🍦
In a bid to regain control, Cork has paused all other markets as a precaution. They are currently investigating the root cause, which is probably a lot more complicated than finding a missing sock in the laundry. 🧦
Security auditing company Debaub, in their infinite wisdom, suggested that the attacker likely manipulated an issue with the smart contract’s exchange rate by issuing fake tokens. A true masterclass in deception! 🎩
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2025-05-28 18:27