Solana-Backed Avici Suffers Hack, Token Plummets 49%
Solana-based cryptocurrency card infrastructure Rain was hacked due to outdated contracts containing vulnerabilities. Approximately $1.1 million in funds were stolen, affecting users of encrypted bank Avici.
The Avici token AVICI plummeted from a high point of $0.43 USD to an all-time low of $0.217 USD, a 49% drop, before rebounding to around $0.378 USD.
Avici confirmed the attack only affected funds contracts used for card payments, stating that self-managed wallets were not impacted and promising full refunds for affected balances.
A total of 1685 Avici users lost approximately $508,080 in this incident; another encrypted bank Tria had 636 users affected, losing over $430,000. The discrepancy between the approximately $1.1 million in funds tracked online and Avici's reported losses suggests other protocols supported by Rain were also targeted.
Transaction data revealed attackers repeatedly submitted signature authorizations to add themselves as administrators of card collateral accounts and withdraw balances. Stolen stablecoins were exchanged for SOL ($105.23 · Live) before being cross-chained to Ethereum and ultimately funneled into the Tornado Cash mixing service.