Cork Protocol, a defi project aimed at "tokenizing the risk of de<button class="define-target" id="peg">peg</button> events for <button class="define-target" id="stablecoin">stablecoins</button> and liquid (re)<button class="define-target" id="staking">staking</button> tokens", suffered a $12&nbsp;million loss after an attacker exploited a bug in how the project's <button class="define-target" id="smart-contract">smart contract</button> calculated exchange rates. The attacker stole around 3,762&nbsp;wrapped staked ETH (wstETH), which they exchanged for ETH. The project announced that they were investigating the theft and had paused markets.<p>Cork had been audited in whole or in part by four different security firms. The project's funders include Andreessen Horowitz, OrangeDAO, and Steakhouse Financial, and Cork is a part of Andreessen Horowitz's Crypto Startup Accelerator.</p>

"DeFi Platform Cork Protocol Suffers $12M Smart Contract Exploit"

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