Avici Neobank Hack Triggers 49% Token Crash, $1.1M Lost

What happened: Solana-based neobank Avici suffered a contract exploit draining between $500,000 and $1.1 million from user vaults, with its AVICI token plunging as much as 49% from its daily high. The attack, traced to a flaw in a Solana card contract, affected 1,685 users, prompting Avici to pledge full refunds. Rain, the card-issuing partner, confirmed the exploit's technical path, while a separate phishing campaign was also reported but appears distinct from the main incident.

Why it matters: The episode underscores persistent vulnerabilities in crypto card infrastructure and the speed at which token prices can collapse following security lapses. The wide range of reported losses and the presence of multiple attack vectors highlight challenges in incident response and communication. Avici’s public commitment to refunds may set a precedent for user protection, but the exploit's technical complexity and the token's volatility raise questions about risk management in emerging neobank models.

Source: CoinDesk, CryptoAdventure, BeInCrypto