Hackers executed a targeted cyber attack on Cork Protocol, a Delaware-based decentralized finance (DeFi) platform specializing in hedging, pricing, and trading 'depeg' risk (where cryptocurrencies deviate from their pegged asset values). The attack 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). All platform activity was immediately paused as a precaution, though no other markets were affected. The company, backed by venture capital firm Andreessen Horowitz (a16z), is investigating the incident but has not disclosed the attack vector. This breach follows a broader trend of escalating DeFi exploits, with $3 billion lost industry-wide in 2024—a 15% increase from 2023. Recent high-profile attacks include $223 million stolen from Cetus and $1.4 billion from Bybit earlier in the year.
Source: https://therecord.media/cork-protocol-defi-12million-crypto-theft?&web_view=true
TPRM report: https://www.rankiteo.com/company/stake-capital
"id": "sta0364603112825",
"linkid": "stake-capital",
"type": "Cyber Attack",
"date": "6/2023",
"severity": "60",
"impact": "2",
"explanation": "Attack limited on finance or reputation"{'affected_entities': [{'industry': ['cryptocurrency',
'financial services',
'blockchain'],
'location': 'Delaware, USA',
'name': 'Cork Protocol',
'type': 'decentralized finance (DeFi) platform'}],
'customer_advisories': ['public statement issued'],
'date_detected': '2024-XX-XXT11:23:00UTC',
'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 attack '
'occurred five days after a $223 million theft from Cetus and '
'amid a broader trend of rising crypto thefts in 2024 (over $3 '
'billion YTD, per PeckShield).',
'impact': {'brand_reputation_impact': ['potential erosion of trust in DeFi '
'security'],
'downtime': ['all Cork Protocol markets paused (precautionary)'],
'financial_loss': '$12.1 million (4,530 ETH)',
'operational_impact': ['platform activity 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': 'PeckShield (blockchain security firm)'},
{'date_accessed': '2024-XX-XX',
'source': 'Cork Protocol public statement'},
{'source': 'Media reports on $3B+ crypto thefts in 2024'}],
'response': {'communication_strategy': ['public statement',
'ongoing updates promised'],
'containment_measures': ['paused all Cork markets'],
'incident_response_plan_activated': True,
'third_party_assistance': ['blockchain security firms (e.g., '
'PeckShield)']},
'stakeholder_advisories': ['partners notified'],
'title': 'Cork Protocol Cryptocurrency Theft Incident',
'type': ['cyber theft', 'cryptocurrency hack', 'DeFi exploit']}