Daily News 19

Tag: Avici token

  • Neobank Token Plunges 49% After $1.1 Million Crypto Card Hack

    Neobank Token Plunges 49% After $1.1 Million Crypto Card Hack

    A $1.1 million cryptocurrency card hack caused the AVICI token linked to a neobank to plunge 49% from its all-time high within 24 hours, marking a record low before the token recovered slightly.

    AVICI Token Falls After Crypto Card Hack

    The security breach triggered a sharp sell-off among investors and sent shockwaves through the cryptocurrency market associated with the neobank. The sudden decline raised concerns about the AVICI token’s stability and reliability, while highlighting the risks facing digital banking platforms and cryptocurrencies.

    Partial Recovery Follows Record Low

    Efforts to stabilize the situation and restore investor confidence helped the token recover part of its losses. However, the limited rebound also underscores the difficulty financial technology companies face in maintaining strong security controls and protecting digital assets.

    The incident highlights the importance of advanced cybersecurity measures for safeguarding investors’ funds in an increasingly digital financial system. Consumers and financial institutions alike must prioritize comprehensive security strategies to reduce the risk of similar breaches.

    Source: cryptonews.net

  • $1.1 Million Crypto Card Hack Crashes Neobank Token by 49%

    $1.1 Million Crypto Card Hack Crashes Neobank Token by 49%

    A vulnerability in an outdated Rain card contract drained approximately $1.1 million from several Solana-based programs, including $500,800 from 1,685 Avici users. The exploit also sent Avici’s AVICI token down as much as 49%.

    Avici token falls after Solana contract exploit

    AVICI, a self-custodial neobank that lets users spend cryptocurrency through a Visa-integrated credit card, dropped from a 24-hour high of $0.43 to a record low of $0.217. The token later recovered to approximately $0.378 at the time of writing.

    Avici said the attack was limited to a Solana contract holding funds after customers topped up their cards. Its self-custodial wallets on Solana and Ethereum-compatible networks were not affected. The company said it would refund every affected card balance.

    Tria reports more than $430,000 in user losses

    Tria, another crypto neobank, said 636 users were affected, with total losses exceeding $430,000. The company pledged to repay users in full, although its token fell by more than 10% at one point.

    Rain said its monitoring systems detected the vulnerability in an outdated contract version used by Avici and a small number of other programs. The company upgraded every program running that version and reported no further unauthorized activity.