Solana Neobank Avici Hit by $650,000+ Exploit; AVICI Token Slides 40%

Avici, a Solana-based neobank offering a Visa credit card backed by USDC, has suffered an onchain exploit that drained more than $653,000 from card-collateral vaults, despite the project's documentation stating that only a user's wallet could move funds from the escrow contract. The AVICI token has fallen roughly 40% following the incident, trading around $0.24. The amount taken is close to one-fifth of Avici's total market value. How the card model works: users lock USDC in a smart contract and card spending draws down that balance. The card is issued by Third National, not Avici. On Friday, the vaults were emptied on an account-by-account basis. A live tracker showed $653,548 withdrawn at the time of writing. Onchain researchers allege the attacker submitted a crafted signature bundle, elevated itself to admin on the escrow accounts, and then withdrew the funds. Avici has not confirmed that attack path. A post circulating on X from 'inno' on Aug. 28, 2026, claimed the drain began around 5:00 p.m. UTC and was still active, alleging more than $1 million exploited and over 9,000 users affected, and listed an exploiter wallet address. Those figures have not been independently confirmed in Avici's statements. The incident is not being characterized as a single treasury drain because each customer holds a separate escrow contract, leaving no single pool to empty at once. Still, tokens associated with such events typically sell off sharply. AVICI's drop echoes other past crypto incidents where breaches weighed heavily on token prices, including a Solana governance attack that removed $20 million from a BONK DAO treasury and a bridge breach that pushed Midnight's token to a record low in July. Avici has acknowledged only that it is "aware of an issue affecting card balance withdrawals" and said it is working with partners to resolve it, promising updates when more information is available. The company has not said whether additional vaults remain vulnerable or whether card settlement with Third National has been affected.