How much was lost in the BYC Token hack?

The BYC Token hack resulted in $100K in losses on December 03, 2024.

What attack technique was used in the BYC Token exploit?

The BYC Token exploit utilized Incorrect Fee Accounting. 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.

BYC Token Hack

TOTAL LOST $100K

Low Dec 03, 2024 Incorrect Fee Accounting binance

Affected Chain binance Incident surface

Recovered - No recovery reported

All-Time Rank #1859 By amount stolen

Year 2024 Incident year

Incident Report

Protocol / Project BYC Token

Date of Incident December 03, 2024

Affected Chain(s) binance

Attack Technique Incorrect Fee Accounting

Classification Token & Share Accounting

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 incorrect fee accounting and Solidity and EVM internals

Capital Required Seed capital to cover gas and initial position setup

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

Protocol Analysis Identification of the exploitable vulnerability in BYC Token's contract logic - root cause: token & share accounting

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? Likely, with a thorough Incorrect Fee Accounting audit checklist and test coverage

If you're auditing a protocol with similar architecture to BYC Token, these are the critical security checks that could have prevented this incident (December 2024).

Verify all logic paths related to Incorrect Fee Accounting 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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Threat Assessment

Severity Level

LOW

Attack Vector Incorrect Fee Accounting
Root Cause Token & Share Accounting
Year 2024

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Incident Report

What the Attacker Needed to Succeed

What Auditors Should Check

Related Hacks - Incorrect Fee Accounting

Learn to Prevent the Next BYC Token