Avici token sinks 39% as hackers drain up to $1 million from Solana neobank

Avici, a neobank built on the Solana blockchain, is investigating a security breach that emptied user funds on August 28. Anything from $600,000 to more than $1 million may have been lost, per initial reports. 

Avici’s AVICI token lost roughly 39% of its value in a single day following the hack. 

How much was lost in the Avici hack? 

Avici, a Solana-based neobank that offers banking-style services like spendable card balances backed by crypto, confirmed that there was an “issue affecting card balance withdrawals,” but has not stated how much was lost or if users will be repaid. 

AVICI, the native token of the neobank, crashed following news of the security breach. 

The breach was discovered through a post from @SolanaFloor on X. According to reports, the hacker first ran a function called SubmitSignatures on Avici’s authorization program, then they called AddCollateralAdmin on Avici’s collateral program, and finally they ran WithdrawCollateralAsset to take the funds out. 

The attacker’s wallet held about 10,005 SOL, worth around $1.07 million at the time, plus about $11,600 in stablecoins. A blockchain analyst named STACC created a real-time tracker that found 125 different user accounts were affected. The amounts taken ranged from about $9 USDC to over $26,000 USDT per account. 

… Continue reading the full article at the original source below.