Solana Neobank Avici Suffers Treasury Exploit, Token Plummets 49%

Solana-based crypto neobank Avici experienced a treasury exploit that allowed an attacker to drain card collateral, causing the AVICI token to crash by 49%. The attacker bypassed security measures through a three-step process involving unauthorized calls to the authorization and collateral programs. While official documentation claimed only user wallets could initiate withdrawals, the exploit resulted in losses estimated between $650,000 and over $1.1 million. Avici confirmed an issue affecting card balance withdrawals but has yet to provide details on comp