Neobank Token AVICI Drops 49% Following $1.1 Million Crypto Card Exploit
The native token of a crypto neobank dropped 49% to record lows following a security exploit targeting its card infrastructure for $1.1 million.
The native token AVICI suffered a sharp 49% drop from its daily high after an exploit drained approximately $1.1 million from a crypto neobank's card infrastructure. The token hit an all-time low during the immediate panic before staging a partial recovery.
The breach specifically compromised card settlement mechanisms, illustrating vulnerabilities that can arise at the intersection of web3 protocols and traditional payment gateways. Developers moved to contain the damage and reassure users regarding core reserve safety.
The incident highlights persistent smart contract and bridge security challenges for crypto debit card providers. Investor sentiment around emerging hybrid fintech protocols is likely to face heightened scrutiny until comprehensive audits are completed.
Key takeaways
- AVICI token plunged 49% after an exploit on its card service.
- Attackers drained approximately $1.1 million through the vulnerability.
- The token pared some losses as security teams contained the incident.