Cork Protocol Pauses Contracts Amidst Investigation Of Potential Exploit

• Some reports suggest that Cork Protocol may have suffered a loss of approximately $12 million in the suspected breach
• At the moment, the attack is presumed to have been due to a private key leak or phishing incident involving a service provider
• The DeFi platform is backed by notable investors such as a16z, OrangeDAO, Ideo Ventures, and Outliers Fund

Phil Fogel, co-founder of Cork Protocol, announced via X that the team is investigating a potential exploit and has paused all smart contracts as a precautionary measure.

While it’s still early to calculate the damages, some reports suggest that Cork Protocol may have suffered a loss of approximately $12 million in a suspected breach. 

According to Cyvers Alerts, a malicious contract was deployed on May 28, 2025, at 11:23:19 UTC. The contract was funded by an address beginning with 0x4771 and ending with 762B, which may be associated with a service provider.

Blockchain security firm SlowMist has issued a security alert regarding the incident, drawing attention to the possible vulnerabilities exploited. At the moment, the attack is suspected to have occurred due to a private key leak or phishing incident in…

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