$650K Hack Hits Solana Neobank Avici as Token Plunges 40%

Avici, a Solana-based neobank, has been hacked for $653,548. The attacker exploited a vulnerability in the company's smart contract, draining funds from card collateral vaults. According to Avici's own documentation, only users' wallets could withdraw funds after deducting spends.

The token AVICI fell by about 40% to $0.24 following the hack, which is close to one-fifth of its entire market value. The company has stated that it is aware of an issue affecting card balance withdrawals and is working with partners to resolve it.

On-chain researchers say the attacker submitted a crafted signature bundle, making themselves an admin on the escrow accounts, then withdrew the funds. This method has not been confirmed by Avici.