Ethereum Security Breach: Cork Protocol Loses $12M in wstETH Exploit

In a significant setback for decentralized finance, Cork Protocol suffered a $12 million exploit targeting wrapped staked ethereum (wstETH). Blockchain security firm SlowMist identified the breach, which led to the theft of 3,760 wstETH tokens. The attacker utilized a malicious contract funded by an address suspected to be linked to a Cork Protocol service provider. In response, Cork Protocol has paused all contracts as investigations unfold. This incident underscores the ongoing security challenges in the DeFi space, even as Ethereum continues to play a pivotal role in the ecosystem. At the time of reporting, ETH is trading at 2623.79000000 USDT.

Cork Protocol Suffers $12M Exploit Targeting Wrapped Staked Ethereum

Decentralized finance platform Cork Protocol was hit by a $12 million exploit, with hackers stealing 3,760 wrapped staked Ethereum (wstETH) tokens. The breach was flagged by blockchain security firm SlowMist, prompting Cork Protocol to pause all contracts as investigations continue.

The attacker deployed a malicious contract funded by an address suspected to belong to a service provider linked to Cork Protocol. Within minutes, the stolen WSTETH was swapped for Ethereum, though the funds remain unmoved from the hacker’s wallet.

Cork Protocol confirmed the incident only affected its wrapped staked Ethereum and wrapped Ethereum tokens, leaving other markets untouched. The team is working to resolve the vulnerability and has promised updates.

Ethereum Price Prediction: $2880 Target Amid Market Shifts

Ethereum’s price trajectory is drawing bold forecasts, with Mister crypto projecting a $10,000 target. While skeptics question the optimism, ETH’s technical strength and fundamental improvements lend credibility to the bullish case. The asset recently consolidated near $2,580 after rallying from April’s $1,436 low, with $2,880–$3,080 emerging as the next critical resistance zone.

Meanwhile, whale activity tells a divergent story. On-chain data reveals capital migrating toward Unilabs, a $30 million AI-driven investment fund gaining traction for its algorithmic approach to Web3 asset management. The fund has already deployed four specialized portfolios targeting AI, commodities, and Bitcoin derivatives.

ETH’s technical setup suggests potential for continuation. The late April breakout from a descending wedge pattern triggered a five-wave advance to $2,738, supported by rising volume and institutional interest. The 4-hour chart shows firm footing above the 0.5 Fibonacci retracement level, keeping the uptrend intact despite slowing momentum.

Vitalik Buterin Advocates for AI-Human Collaboration at ETHPrague

Ethereum co-founder Vitalik Buterin dismissed the notion of artificial intelligence as a rival to humanity during a fireside chat at ETHPrague. Instead, he framed AI as a complementary force in human evolution. "We’re entering an era of AI plus human, not AI versus human," Buterin asserted, drawing parallels to historic moments like IBM’s DEEP Blue defeating chess grandmaster Garry Kasparov in 1996.

The blockchain visionary acknowledged AI’s superior capabilities in specific domains while maintaining that human judgment remains irreplaceable. His comments came during a dialogue with Tim Berners-Lee, creator of the World Wide Web, at the Prague-based Ethereum conference on May 28.

DeFi Platform Cork Protocol Loses $12M in Smart Contract Exploit

Cork Protocol, a decentralized finance platform backed by a16z crypto and OrangeDAO, suffered a $12 million exploit involving wrapped staked ether (wstETH). Blockchain security firm Cyvers detected the breach, tracing it to a malicious contract deployed by a suspiciously funded wallet. The stolen wstETH was swiftly converted to ETH.

The incident occurred at 11:23 UTC, specifically affecting Cork’s wstETH:weETH market. As a precautionary measure, the protocol has paused all other markets while investigating the root cause. Security auditors at Debaub suggest the attacker manipulated the smart contract’s exchange rate using counterfeit tokens.