Solana's AVICI Token Plunges 37% Amid $600K Withdrawal Incident
AVICI, a Solana-based token, plummeted by 37% after reports emerged of a $600K card withdrawal incident. The network confirmed that an issue was affecting withdrawals from customers' card balances.
Avici said it was aware of the problem and working with its partners to resolve it. However, the company did not describe the incident as a hack or provide an estimate of the amount involved.
An analysis of a Solana address linked to the incident showed that it held $604,818.97 in various cryptocurrencies, including USDC, USDT, and SOL. The funds have since been disbursed elsewhere.
The token's price fell as low as $0.2072 before recovering to around $0.2695. AVICI had already been losing ground for several months prior to the incident, with an increase in selling activity during the fall.