Avici Neobank on Solana Suffers Hack Resulting in Estimated Losses of Up to $1 Million

The Avici neobank on Solana suffered a hack on August 28, with an attacker gaining access to withdrawal mechanisms for collateral assets. The hacker cashed out funds belonging to clients, with losses estimated at up to $1 million.

According to blockchain analysts, the attack began with a call to the SubmitSignatures function in Avici's authorization program. The hacker then used AddCollateralAdmin and WithdrawCollateralAsset to withdraw collateral funds. At the time of the incident, the attacker held approximately $1.07 million worth of SOL and about $11,600 in stablecoins.

The hack affected 125 user accounts, with different amounts withdrawn from individual accounts ranging from $9 to $26,000. The Avici team acknowledged the issue and stated that they are working directly with partners to resolve it and prepare updates for users.