Avici Faces Apparent Ongoing Attack as More Than $1 Million Leaves Card Collateral

Crypto neobank Avici is facing an apparent ongoing security incident, with more than $1 million reportedly leaving card collateral accounts on its Solana-based platform, according to on-chain data highlighted in a recent post by @coinbureau on X.

The reported activity has coincided with a sharp decline in Avici’s native $AVICI token, which has fallen 49% to a record low. At the same time, fake websites impersonating Avici have reportedly stolen another $600,000 from users.

Avici has acknowledged an issue affecting card balance withdrawals but has not confirmed that the incident resulted in a loss of funds or described the activity as an exploit.

More Than $1 Million Leaves Avici Card Accounts

According to the information shared by @coinbureau, on-chain data shows that more than $1 million has left card collateral accounts associated with Avici.

The transactions have raised concerns about the security of the platform and whether unauthorized withdrawals may still be taking place. The wallet identified in connection with the reported activity was funded through deBridge, a cross-chain bridge used to transfer assets between blockchain networks.

The movement of funds through a blockchain can be tracked publicly, allowing analysts to observe transaction activity and follow the flow of assets between addresses. However, blockchain data alone does not establish the identity of the person controlling a wallet or definitively prove that a particular address belongs to an attacker.

The reported transactions therefore provide evidence of significant fund movement but do not, by themselves, establish the complete circumstances behind the withdrawals.

Avici Acknowledges Issue With Card Withdrawals

Avici has confirmed that it is aware of an issue affecting card balance withdrawals.

The company, however, has stopped short of confirming a financial loss or classifying the situation as an exploit. That distinction leaves the precise nature of the incident unresolved.

An unusual transaction involving a cryptocurrency platform does not necessarily establish that the underlying system has been compromised. Confirmation of an exploit would generally require evidence that an unauthorized party gained access to funds or infrastructure and used that access to conduct transactions.

In Avici’s case, the company’s public statement confirms that a withdrawal-related issue exists, while the on-chain activity cited by @coinbureau has provided additional visibility into the movement of funds.

Further information from Avici would be needed to determine whether the reported withdrawals were authorized, how the affected accounts were accessed and whether users ultimately suffered losses.

$AVICI Token Drops 49%

The reported incident has also been accompanied by a significant decline in the market value of Avici’s native token.

The $AVICI token has fallen 49% to a record low, according to the information shared in the report. The decline occurred as concerns surrounding Avici’s withdrawal system and the reported movement of funds emerged.

Cryptocurrency markets can react quickly to reports involving security incidents, particularly when they involve platforms that provide financial services or manage user assets. A sharp decline in a token’s price, however, does not independently confirm the nature or financial consequences of an underlying security incident.

In this case, the 49% decline represents a substantial market reaction occurring alongside reports of unusual fund movements and an acknowledged withdrawal issue.

Fake Avici Websites Reportedly Steal $600,000

The reported security concerns extend beyond the activity involving Avici’s card collateral accounts.

According to the information shared by @coinbureau, fake Avici phishing websites have reportedly stolen another $600,000 from users.

These fraudulent websites appear to have been designed to impersonate the legitimate Avici platform. Phishing schemes typically attempt to deceive users into interacting with malicious websites or providing information and transaction authorization to unauthorized parties.

The reported $600,000 in phishing losses is separate from the more than $1 million that reportedly left Avici’s card collateral accounts.

This distinction is important because the two incidents involve different mechanisms. The first concerns transactions associated with Avici’s platform, while the second markets involves users allegedly being targeted through fraudulent websites.

Full Scope of Incident Remains Unclear

The precise scope of the Avici incident has yet to be established.

On-chain data can show where cryptocurrency moves and when transactions occur, but it cannot independently determine whether those transactions were authorized by a platform or its users. That requires information from the company and, where applicable, further investigation.

Avici has acknowledged the withdrawal issue but has not confirmed a loss or referred to the situation as an exploit. Meanwhile, the data highlighted by @coinbureau points to more than $1 million in reported fund movements, while separate phishing activity has allegedly resulted in another $600,000 in losses.

The $AVICI token’s 49% decline to a record low adds another consequence to the unfolding situation, although the token’s market performance financial does not establish the cause of the reported withdrawal activity.

Further updates from Avici will be important in determining the nature of the incident, the amount of funds ultimately affected and whether the reported transactions were unauthorized. Until those details are confirmed, the reported activity remains an apparent security incident rather than a conclusively established exploit.0.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.