Solana-based Avici token drops 49% after Rain Infrastructure is hacked

ME News reports that on August 30 (UTC+8), Rain, a Solana-based crypto debit card infrastructure, suffered a hack due to vulnerabilities in outdated smart contracts, resulting in the theft of approximately $1.1 million. Avici, the affected crypto bank, saw its token AVICI plummet 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 reloading and spending; its self-custodied wallets remained unaffected, and it pledged to fully reimburse affected balances. 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 custody transition issues underlying some self-custodied crypto cards: while users retain control of their wallets, funds used for spending are transferred to third-party contracts. (Source: ChainCatcher)