CoinDesk 3d ago
Neobank Token Drops 49% Following $1.1 Million Crypto Debit Card Exploit
The AVICI token plunged up to 49% to record lows after an attacker exploited a vulnerability in a crypto debit card platform.
Decentralized neobank token AVICI tumbled 49% from its intraday high, hitting record lows following a $1.1 million exploit targeting its crypto card infrastructure. The token subsequently regained a portion of lost value.
Crypto card integrations require intricate bridging between off-chain payment rails and smart contracts, making them susceptible to gateway vulnerabilities and liquidity drain exploits.
The incident highlights security risks inherent to fintech-crypto hybrid bridges, likely prompting platforms to implement stricter payment verification protocols and larger emergency reserves.
Key takeaways
- AVICI token collapsed 49% after an exploit drained $1.1 million
- The security breach targeted crypto debit card payment systems
- The event highlights ongoing security challenges in payment gateway integrations