How much was lost in the Hegic(old contract) hack?

The Hegic(old contract) hack resulted in $94K in losses on March 01, 2025.

What attack technique was used in the Hegic(old contract) exploit?

The Hegic(old contract) exploit utilized Unlimited repeated withdrawal exploit. 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.

Hegic(old contract) Hack

TOTAL LOST $94K

Low Mar 01, 2025 Unlimited repeated withdrawal exploit ethereum

Affected Chain ethereum Incident surface

Recovered - No recovery reported

All-Time Rank #1548 By amount stolen

Year 2025 Incident year

Incident Report

Protocol / Project Hegic(old contract)

Date of Incident March 01, 2025

Affected Chain(s) ethereum

Attack Technique Unlimited repeated withdrawal exploit

Classification Protocol Logic

Primary Source View Post-Mortem

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 unlimited repeated withdrawal exploit 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 Hegic(old contract)'s contract logic - root cause: protocol logic

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 Unlimited repeated withdrawal exploit audit checklist and test coverage

If you're auditing a protocol with similar architecture to Hegic(old contract), these are the critical security checks that could have prevented this incident (March 2025).

Verify all logic paths related to Unlimited repeated withdrawal exploit 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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Sources & References

01
Source 1 https://x.com/HegicOptions/status/1896933787923345470

Threat Assessment

Severity Level

LOW

Attack Vector Unlimited repeated withdrawal exploit
Root Cause Protocol Logic
Year 2025

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