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.