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.