Hackers executed a targeted attack on Cork Protocol, a Delaware-based decentralized finance (DeFi) platform specializing in hedging, pricing, and trading depeg risk. The breach occurred on a Wednesday morning at 11:23 UTC, compromising the wstETH:weETH market and resulting in the theft of 4,530 ETH (approximately $12.1 million). The company immediately paused all platform activity as a precautionary measure, though no other markets were affected. Cork Protocol, backed by venture capital firm Andreessen Horowitz (a16z), is investigating the incident but has not disclosed the attack method. The theft follows a broader trend in 2024, with crypto platforms losing over $3 billion to exploits a 15% increase from 2023. Recent high-profile attacks include $223 million stolen from Cetus and $1.4 billion from Bybit, underscoring escalating risks in the DeFi sector.
Source: https://therecord.media/cork-protocol-defi-12million-crypto-theft
TPRM report: https://www.rankiteo.com/company/alpha-vault
"id": "alp4393543112725",
"linkid": "alpha-vault",
"type": "Cyber Attack",
"date": "6/2023",
"severity": "60",
"impact": "2",
"explanation": "Attack limited on finance or reputation"{'affected_entities': [{'industry': ['financial services',
'blockchain',
'cryptocurrency'],
'location': ['Delaware, USA'],
'name': 'Cork Protocol',
'type': ['decentralized finance (DeFi) platform',
'cryptocurrency exchange']}],
'customer_advisories': ['trading paused', 'investigation underway'],
'date_detected': '2024-XX-XXT11:23:00Z',
'date_publicly_disclosed': '2024-XX-XX',
'description': 'Hackers stole more than $12 million worth of cryptocurrency '
'from the decentralized finance (DeFi) platform Cork Protocol '
'in a Wednesday morning attack. The incident affected the '
'wstETH:weETH market, prompting the company to pause all other '
'markets as a precaution. Blockchain security firms reported '
'that 4,530 ETH (worth ~$12.1 million) was stolen. The company '
'is actively investigating the situation.',
'impact': {'brand_reputation_impact': ['potential loss of trust in DeFi '
'platform security'],
'downtime': ['all Cork Protocol markets paused as precaution'],
'financial_loss': '$12.1 million (4,530 ETH at time of theft)',
'operational_impact': ['trading halted', 'investigation ongoing'],
'systems_affected': ['wstETH:weETH market']},
'initial_access_broker': {'high_value_targets': ['wstETH:weETH market']},
'investigation_status': 'ongoing',
'motivation': ['financial gain'],
'references': [{'source': 'Blockchain security firms (e.g., PeckShield)'},
{'source': 'Cork Protocol public statement'},
{'source': 'Media reports on $3B+ crypto losses in 2024'}],
'response': {'communication_strategy': ['public statement released',
'ongoing updates promised'],
'containment_measures': ['paused all Cork markets as precaution'],
'incident_response_plan_activated': True},
'stakeholder_advisories': ['partners notified', 'public updates promised'],
'title': 'Cork Protocol DeFi Platform Hacked, $12 Million in Cryptocurrency '
'Stolen',
'type': ['cyberattack',
'theft',
'exploit',
'decentralized finance (DeFi) hack']}