On February 2025, HegicOptions was exploited in a business logic flaw, resulting in approximately $104M in losses. That makes the HegicOptions exploit the 8th largest DeFi incident out of 690 documented in our archive.
Attack Mechanics: How the HegicOptions Business Logic Flaw Played Out
Exploit Class Applied to HegicOptions
The HegicOptions incident on February 23, 2025 is classified as a Business Logic Flaw. A business-logic bug in the contract — such as an incorrect formula or missing state update — lets the attacker withdraw more than their share. In the full archive, HegicOptions is 1 of 144 documented business logic flaw incidents.
HegicOptions in Context
At $104M, the HegicOptions exploit is a mega ($100M+) event compared to the largest same-class incident in our archive — – EulerFinance (2023) at $200M.
Prior Business Logic Flaw Before HegicOptions
The nearest business logic flaw incident before HegicOptions was FourMeme, 12 days earlier on February 11, 2025 ($186K lost). The same exploit class surfaced again within the business logic flaw attack surface.
Impact & Recovery for HegicOptions
HegicOptions Loss Figure
The HegicOptions exploit caused $104,000,000 in losses — a mega ($100M+) incident and the 3rd largest of 96 documented in 2025. This single incident represents 5.7% of all tracked losses that year.
Where HegicOptions Sits Among Business Logic Flaw Attacks
Ranked by loss size, HegicOptions is the 3rd largest of 144 business logic flaw incidents documented. That puts the HegicOptions loss above the class average of $6.08M.
Timeline Since the HegicOptions Incident
The HegicOptions exploit occurred 1.1 years ago (415 days). The contract, its fork-block, and the attack transaction remain on-chain and forensically reproducible.
FAQ
How much did HegicOptions lose?
The HegicOptions exploit in February 2025 resulted in $104,000,000 in losses — the 3rd largest of 96 DeFi incidents that year.
When did the HegicOptions hack happen?
The HegicOptions exploit was recorded on February 23, 2025 — 415 days ago.
What type of exploit hit HegicOptions?
The HegicOptions incident is classified as a Business Logic Flaw. A business-logic bug in the contract — such as an incorrect formula or missing state update — lets the attacker withdraw more than their share.
How common is the Business Logic Flaw pattern seen at HegicOptions?
Our archive contains 144 documented business logic flaw incidents. The HegicOptions incident is one of them.
How does HegicOptions compare to the largest Business Logic Flaw attack?
The largest business logic flaw incident in our archive is – EulerFinance (2023) at $200M. The HegicOptions loss is $104M.
How are the modified mean and variance equations adjusted in the GARCH (1,1) model for this study?
They are adjusted by incorporating explanatory variables such as trading volume and information demand to better understand their effect on returns' volatility.
What dataset is the model tested on?
The model is tested on daily Korea Stock Price Index (KOSPI) data.