Avici Solana Neobank: Hacker Steals $1.07 Million from Clients

Avici Solana neobank, which offers banking services backed by cryptocurrency, was hacked on August 28. The hacker gained access to the mechanisms for withdrawing collateral assets and cashed out clients' funds. The attack began with a call to the SubmitSignatures function, after which the perpetrator used AddCollateralAdmin and WithdrawCollateralAsset to withdraw funds. At the time of the incident, the hacker's address held approximately 10,005 SOL worth around $1.07 million and about $11,600 in stablecoins. The hack affected 125 accounts, with withdrawal amounts ranging from $9 to $26,000. Preliminary loss estimates range from $600,000 to over $1 million. The Avici team is aware of the issue and is working to resolve the failure. The AVICI token dropped by 39% to $0.2175, with the project's market capitalization around $3.39 million. The price drop has raised questions about the reliability of the Avici model. Hacks continue to plague crypto projects, with hackers recently attacking the metaverse Sandbox.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.