Avici Vows Full Repayments After Crypto Card Hack Exposes Sector Vulnerabilities

Crypto neobank Avici has announced that it will fully repay its users who were affected by a recent hack, with over 1,600 victims set to receive refunds.

The incident occurred on August 28th and resulted in $500,859.20 being drained from the cards of Avici users. However, thanks to the swift action taken by Rain, the firm's card-issuing partner, the vulnerability that enabled the exploit has now been resolved.

A statement from Avici confirmed that every affected user will have their card balance refunded in full, with the company working closely with its partners to ensure a smooth remediation process. This move is seen as a positive step for the crypto community, but it also raises questions about the resilience of the sector in the face of potential future exploits.