Avici, a neobank built on the Solana blockchain, is investigating a security breach that emptied user funds on August 28. According to initial reports, losses may range from $600,000 to more than $1 million. The platform's native token, AVICI, lost roughly 39% of its value in a single day following the incident.

How much was lost in the Avici hack?

Avici, a Solana-based neobank offering banking-style services such as spendable card balances backed by crypto, confirmed an "issue affecting card balance withdrawals" but has not disclosed how much was lost or whether users will be repaid. The incident highlights the added risk carried by crypto-native platforms that bridge decentralized infrastructure with banking-style products: user deposits tied to on-chain programs depend on the security of smart-contract permissions as well as conventional custodial safeguards.

News of the breach first surfaced in a post from @SolanaFloor on X. According to reports, the attacker executed a three-step sequence: first running a function called SubmitSignatures on Avici's authorization program, then calling AddCollateralAdmin on the collateral program, and finally running WithdrawCollateralAsset to extract the funds. This pattern—an attacker escalating privileges through a protocol's own administrative functions rather than breaking cryptography—is characteristic of many recent smart-contract exploits across the industry.

The attacker's wallet held approximately 10,005 SOL, worth about $1.07 million at the time, plus roughly $11,600 in stablecoins. Blockchain analyst STACC built a real-time tracker showing that 125 different user accounts were affected, with individual losses ranging from about $9 in USDC to more than $26,000 in USDT per account.

Hackers allegedly drained between $600,000 and over $1 million in total from user accounts. Avici said on X that it is monitoring the situation, working with partners toward a fix, and would share more details when available. As of the initial disclosures, the platform has not committed to a reimbursement plan, an open question that has heavily influenced user and market reactions in comparable past incidents.

Did the hack affect AVICI?

Following the news, the AVICI token dropped about 39% over 24 hours to around $0.2175, after trading between a low of $0.2189 and a high of $0.4459 during the day. AVICI peaked at $7.61 on November 26, 2025, leaving the token roughly 96% below its record high. CoinMarketCap lists a market capitalization near $3.39 million, a circulating supply of approximately 12.9 million tokens, and about 12,400 holders.

The Avici incident is the latest in a string of recent exploits. In the same week, The Sandbox moved to repay bridge-exploit victims 1:1 after a theft that cost holders about $697,000. Meanwhile, MANTRA published a report regarding a roughly $3.6 million exploit, though it did not include a recovery plan for the funds. Days earlier, the lending protocol Moonwell was attacked, with as much as $9 million stolen in a price-manipulation exploit. The differing responses—ranging from full repayment to disclosure-only post-mortems—illustrate how varied recovery outcomes can be after such breaches, making Avici's forthcoming details on losses, remediation, and user compensation the key developments to watch.