Avici hacked for $650,000 as AVICI token crashes 40%

An attacker drained over $653,000 from Avici's card collateral vaults on Friday. A live tracker counted $653,548 withdrawn as of the article's publication. The AVICI token fell about 40% to $0.24. Avici provides a Visa credit card backed by USDC. Users lock the stablecoin in separate smart contracts, and spending reduces the balance. Third National issues the card. Avici's documentation says only a user's wallet can withdraw funds from the escrow contract after spending deductions. On-chain researchers said the attacker submitted a crafted signature bundle. The researchers said the attacker used it to become an administrator on the escrow accounts and withdraw funds. Avici has not confirmed that method. Avici said it was aware of an issue affecting card balance withdrawals. The company has not released a post-mortem. Avici has not said whether the remaining vaults can still be accessed. The company has also not said whether card settlement with Third National is affected.