Solana-based AVICI Token Plunges 39% as Over $600K Vanishes in Ongoing Exploit

Solana-native self-custodial neobank Avici is facing a security crisis after an ongoing exploit drained over $600,000 from users. The incident caused a sharp 39% decline in the project’s native token, intensifying market pressure amid an ongoing security crisis.

Affected holders may face permanent losses as investigators work to track the stolen assets across Solana wallets. The event adds to the growing number of security issues that have plagued the industry throughout August.

Phishing Attack Drains Users

The latest investigation indicates attackers used a counterfeit Avici website, rather than breaching Avici’s core infrastructure or Solana network itself. Victims were lured into connecting wallets to the imitation site, creating an opening for unauthorized transfers from their accounts. 

As of this writing, on-chain records showed that about $600,000 had already been drained, with losses continuing as activity persisted. The token’s market reaction was immediate, with AVICI trading lower at $0.3039, according to CoinGecko market data. The decline reflects investor anxiety surrounding the theft. 

Meanwhile, Avici’s exploit has emerged in a crowded August security landscape, where several crypto projects and infrastructure providers have reported significant breaches this month. Notable among these is Harmony, a layer-1 blockchain, which experienced a serious security issue where attackers created billions of unauthorized ONE tokens on its network, resulting in a loss of about $5 million.

Additionally, BounceBit encountered a major security incident, which ultimately led to plans to retire its layer-1 network following the exploit. Consequently, Avici’s case serves as another warning for cryptocurrency users, as a single malicious interaction can quickly lead to irreversible financial loss.

Avici Team Responds

Avici recently addressed the security exploit linked to its card-issuing partner, Rain, which identified a vulnerability in an older version of a Solana card contract they were using. The team reported that this vulnerable contract has now been upgraded across all affected programs, and no further unauthorized activities have been detected since the remediation took place.

UPDATE: All affected card balances will be refunded in full

Earlier today, our card-issuing partner, Rain, identified a vulnerability in an version of a Solana card contract used by Avici and a small number of other programs. The contract has now been upgraded across all…

— Avici (@avici) August 28, 2026

Avici clarified that its self-custodial wallets and card balances operate independently, meaning that users’ Avici wallet funds remained secure during the incident. Current reconciliations show that 1,685 users were affected, with approximately $500,859.22 in card balances impacted by the exploit.

To address the situation, Avici has committed to refunding each affected user in full. Additionally, the company is filing a report with the FBI’s Internet Crime Complaint Center as investigations continue.

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