Avici Vows to Repay Hack Victims as Crypto Card Sector Faces Scrutiny

Avici, a crypto neobank that suffered a $500K hack, has pledged to fully repay its victims. The firm assured its users that the vulnerability that enabled the exploit has been resolved by its card-issuing partner, Rain.

The incident affected over 1,685 Avici users, translating to $500,859.20 in impacted card balances. Every affected user will have their card balance refunded in full, according to Avici.

Rain reinforced the full repayment process, noting that the bug impacted a 'small number of programs' using an outdated version of their Solana contracts.

The incident has increased scrutiny on crypto card players and broader safety amid rising stablecoin adoption. Rain's market dominance underscores how big and far-reaching the exploit could have been if it were not an isolated case, with crypto card volumes hitting a record high of $625M in August.