Solana-based Avici hit by $1M exploit, token hits record low

On-chain data indicates the attacker utilized a consistent three-step process to bypass standard protections. After initiating contact with Avici’s authorization programs, the perpetrator executed a command to designate a new administrator for targeted user accounts. Once administrative access was secured, the attacker drained collateral assets—ranging from small amounts to individual transfers exceeding 26,000 USDT—directly into an external wallet. By the time the activity was flagged, the malicious address had signed over 14,000 transactions, accumulating approximately 10,005 SOL and roughly $11,600 in stablecoins.

Avici acknowledged the disruption in a brief statement, confirming an issue affecting card balance withdrawals but stopping short of labeling the incident an exploit or disclosing the full extent of the losses. The platform, which markets itself as a self-custodial service, has yet to clarify how the attacker managed to modify account permissions. This lack of transparency has left users questioning the integrity of the project's security model, particularly as the incident suggests a potential failure in how the platform enforces control over unspent collateral. With AVICI now trading 97% below its 2025 peak, the project faces mounting pressure to explain whether the breach stems from compromised administrative keys or a fundamental flaw in its smart contract infrastructure.