On January 2024, MIC was exploited in a business logic flaw, resulting in approximately $500K in losses. That makes the MIC exploit the 117th largest DeFi incident out of 690 documented in our archive.
Attack Mechanics: How the MIC Business Logic Flaw Played Out
Exploit Class Applied to MIC
The MIC incident on January 2, 2024 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, MIC is 1 of 144 documented business logic flaw incidents.
MIC in Context
At $500K, the MIC exploit is a minor (<$1M) event compared to the largest same-class incident in our archive — – EulerFinance (2023) at $200M.
Prior Business Logic Flaw Before MIC
The nearest business logic flaw incident before MIC was PineProtocol, 11 days earlier on December 22, 2023 ($90K lost). The same exploit class surfaced again within the business logic flaw attack surface.
Impact & Recovery for MIC
MIC Loss Figure
The MIC exploit caused $500,000 in losses — a minor (<$1M) incident and the 26th largest of 188 documented in 2024. This single incident represents 0.1% of all tracked losses that year.
Where MIC Sits Among Business Logic Flaw Attacks
Ranked by loss size, MIC is the 22nd largest of 144 business logic flaw incidents documented. That puts the MIC loss below the class average of $6.08M.
Timeline Since the MIC Incident
The MIC exploit occurred 2.3 years ago (833 days). The contract, its fork-block, and the attack transaction remain on-chain and forensically reproducible.
Primary Reference for MIC
Public post-mortem / on-chain analysis for the MIC incident: view source.
FAQ
How much did MIC lose?
The MIC exploit in January 2024 resulted in $500,000 in losses — the 26th largest of 188 DeFi incidents that year.
When did the MIC hack happen?
The MIC exploit was recorded on January 2, 2024 — 833 days ago.
What type of exploit hit MIC?
The MIC 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 MIC?
Our archive contains 144 documented business logic flaw incidents. The MIC incident is one of them.
How does MIC compare to the largest Business Logic Flaw attack?
The largest business logic flaw incident in our archive is – EulerFinance (2023) at $200M. The MIC loss is $500K.
What novel approach is introduced in the algorithm for optimization?
A hybrid weight assignment mechanism combining systematic and random weight generation.
How do nodes contribute to the blockchain network?
Nodes participate in distributing and validating transactions and maintain a full copy of the blockchain.