How much was lost in the Ba5ic finance hack?

The Ba5ic finance hack resulted in $1K in losses on December 02, 2020.

What attack technique was used in the Ba5ic finance exploit?

The Ba5ic finance exploit utilized Rugpull. Understanding this attack vector is critical for smart contract auditors and developers building secure DeFi protocols.

How can developers prevent similar smart contract attacks?

Preventing smart contract hacks requires a combination of secure coding practices, thorough security audits, and understanding common attack vectors like reentrancy, oracle manipulation, and access control flaws. Smart Contract Hacking (SCH) provides hands-on training to help developers and auditors identify and prevent vulnerabilities before deployment.

Ba5ic finance Hack

TOTAL LOST $1K

Low Dec 02, 2020 Rugpull ethereum

Affected Chain ethereum Incident surface

Recovered - No recovery reported

All-Time Rank #2015 By amount stolen

Auditors 1 Prior security audit

Incident Overview

The hidden minting functionality was used under the setFeeTransfer() at:

https://etherscan.io/tx/0xbeeb0966…1855c1

The contract deployer added initial liquidity at:

https://etherscan.io/tx/0x789fa9d7…90cdbb

The contract deployer sold minted tokens at:

https://etherscan.io/tx/0x07f1a03e…ab94b0

Incident Report

Protocol / Project Ba5ic finance

Date of Incident December 02, 2020

Affected Chain(s) ethereum

Attack Technique Rugpull

Classification Token

Primary Source View Post-Mortem

Protocol Information

Protocol Type Yield

Affected Token BASIC

Official Website ba5ic.finance/

Protocol Twitter/X @Back_Finance

What the Attacker Needed to Succeed

Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.

Technical Knowledge Deep understanding of rugpull and Solidity and EVM internals

Capital Required Seed capital to cover gas and initial position setup

On-Chain Access Ability to interact with ethereum smart contracts and deploy a custom exploit contract

Protocol Analysis Identification of the exploitable vulnerability in Ba5ic finance's contract logic - root cause: token

Execution Speed Precise transaction ordering and timing to exploit the vulnerability within a single atomic block

Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Hard to catch — private key / OpSec failures are outside smart contract audit scope

Audited by Audit Report 1 — still lost $1K. Prior audits don't guarantee safety, especially after post-audit code changes.

If you're auditing a protocol with similar architecture to Ba5ic finance, these are the critical security checks that could have prevented this incident (December 2020).

Verify all logic paths related to Rugpull are guarded by proper access controls and input validation
Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs

Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.

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Security Audit History

Audit Report 1 Report

Sources & References

01
Source 1 https://twitter.com/CaptainJackAPE/status/1334153629184315393
02
Web Archive https://web.archive.org/web/20201202140957/https://ba5ic.finance/

Threat Assessment

Severity Level

LOW

Attack Vector Rugpull
Root Cause Token
Year 2020

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