Neobank Token Plunges 49% Following $1.1M Crypto Card Exploit
The AVICI token dropped 49% to record lows after an attacker exploited a vulnerability in the neobank's crypto card system.
Crypto-focused neobank Avici suffered an exploit affecting its crypto card infrastructure, resulting in the unauthorized drain of roughly $1.1 million in digital assets. The incident prompted rapid emergency interventions by the project team.
Following news of the security breach, the platform's native token, AVICI, dropped 49% within 24 hours to reach an all-time low. Although the asset managed to recover a portion of its losses later, overall market sentiment around the platform was heavily impaired.
The incident underscores persistent security vulnerabilities in the integration layer between on-chain smart contracts and traditional payment card systems. Developers and protocols continue to face heightened scrutiny regarding payment bridge protections.
Key takeaways
- A $1.1 million card exploit triggered a 49% price drop in the AVICI token.
- The token hit a record low before paring some of its immediate losses.
- Bridging on-chain assets with payment card infrastructure remains a high-risk area.