Cork Protocol co-founder Phil Fogel announced plans to redeploy the protocol and restore all funds following a $12 million hack. Fogel, speaking on the X platform, expressed gratitude for the support from the crypto community and detailed ongoing efforts to address the breach. The protocol was compromised due to a vulnerability that allowed external control over exchange rates, leading to price manipulation. All contracts have been suspended as Fogel collaborates with fund tracking and security experts to resolve the issue.