The Decentralized Finance (DEFI) Platform Cork Protocol is suffering from smart contract exploits, with hackers reportedly stolen $12 million worth of packaged stakes ether (WSTETH).
Blockchain Security Monitor Cyber has noticed the exploit by stating that malicious contracts were deployed by wallets that are likely to be funded by service providers.
It added that $12 million worth of WSTETs were quickly replaced for ETH.
Cork Protocol received investments from A16Z Crypto and Orangedao in September 2024.
“WSTETH: There was a security incident that affected Weeth Market.
Cork added that it has paused all other markets as a precaution and is investigating the root cause.
Security auditing firm Debaub writes that it is likely that the attacker manipulated the exchange rate issue for smart contacts by issuing fake tokens.
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