Solana-based Avici token drops 49% following Rain Infrastructure hack

Huo Xing Finance reports that Rain, a Solana-based crypto debit card infrastructure, was hacked due to vulnerabilities in outdated smart contracts, resulting in the theft of approximately $1.1 million. AVICI, the token of the affected crypto bank Avici, plunged from a 24-hour high of $0.43 to a historic low of $0.217—a 49% drop—before recovering to around $0.378. Avici confirmed that the attack only impacted the contract managing funds for card top-ups and spending; its self-custody wallets remained unaffected, and it pledged to fully reimburse affected users. In this incident, 1,685 Avici users lost approximately $500,800; another crypto bank, Tria, also had 636 users affected, with losses exceeding $430,000. The discrepancy between the $1.1 million tracked on-chain and Avici’s reported losses indicates that other protocols supported by Rain were also compromised. Transaction data shows the attacker repeatedly submitted signed authorizations to add themselves as administrator of card collateral accounts and withdraw balances; the stolen stablecoins were exchanged for SOL, bridged to Ethereum, and ultimately funneled into the mixer Tornado Cash. Avici has filed a report with the FBI’s Internet Crime Complaint Center. The incident also exposes a custodial handoff issue underlying some self-custody crypto cards: although users control their wallets, funds used for spending are transferred to third-party contracts.