AI · CoinDesk
A $1.1 million crypto card hack dropped a neobank's token 49%
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★ Tier-1 Source
A vulnerability in an outdated Rain card contract drained roughly $1.1 million across several Solana-based programs, including $500,800 from 1,685 Avici users, sending the neobank’s AVICI token down as much as 49%.
Key facts
- A vulnerability in an outdated Rain card contract drained roughly $1.1 million across several Solana-based programs, including $500,800 from 1,685 Avici users, sending the neobank’s AVICI token down
- AVICI, a self-custodial neobank that enables users to spend their crypto via a Visa-integrated credit card, fell from a 24-hour high of $0.43 to a record low of $0.217 before recovering
- That distinction is becoming more material as tracked crypto-card spending more than tripled to $1.04 billion in July, with stablecoins funding 70% of more than 10 million transactions
- Tria, another crypto neobank, reported that 636 users were affected, resulting in losses totaling more than $430,000
Summary
A vulnerability in an outdated Rain contract led to a $1.1M Solana-based hack, impacting multiple programs, including $500,800 from 1,685 Avici users. The exploit caused the neobank's AVICI token to drop 49% from a 24-hour high, hitting a record low of $0.217 before slightly recovering to $0.305. Avici confirmed the breach was limited to card-funding contracts, not self-custodial wallets, and has pledged full refunds for all affected balances. AVICI, a self-custodial neobank that enables users to spend their crypto via a Visa-integrated credit card, fell from a 24-hour high of $0.43 to a record low of $0.217 before recovering to around $0.378 at the time of writing.