Avici, a Solana-based neobank that provides crypto-backed card balances and digital banking services, is examining an incident that disrupted card-balance withdrawals on August 28. Early on-chain analysis and reports point to user funds being removed from collateral accounts, with total estimates ranging from roughly $600,000 to more than $1 million.

The platform has confirmed awareness of problems affecting withdrawals but has not labeled the event an exploit, disclosed a precise loss figure, or stated how many customers were impacted. It has indicated it is monitoring developments and coordinating with partners while preparing further updates.

Details of the Reported Drain

On-chain records show activity involving Avici’s authorization and collateral programs. Reports describe a sequence in which a wallet first called SubmitSignatures on the authorization program, then AddCollateralAdmin on the collateral program to register an additional administrator, followed by WithdrawCollateralAsset transfers that moved funds to an address controlled by the same party.

One linked address held approximately $604,800 at one point, consisting largely of USDC and USDT along with a smaller SOL balance, before the stablecoins were moved and remaining SOL transferred elsewhere. A separate wallet associated with the activity was observed holding about 10,005 SOL, valued near $1.07 million at the time, plus roughly $11,600 in stablecoins.

Blockchain tracking identified 125 affected user accounts. Individual transfers ranged from as little as about $9 in USDC to more than $26,000 in USDT. The wallet received initial funding via a cross-chain bridge and later executed a high volume of transactions, some of which converted stablecoins into SOL.

The company added that it was working with relevant partners and would share more information once available. It has not confirmed whether programs have been paused, whether activity has fully stopped, or whether affected users will receive compensation. Questions also remain about the precise origin of the authorization used in the transactions.

Impact on the AVICI Token

AVICI, the platform’s native token, experienced a sharp decline as news of the withdrawals circulated. Price data showed drops reported between 37% and nearly 50% within 24 hours. The token opened near $0.43 in some trading records before falling to lows around $0.207 to $0.218, with partial recovery leaving it still substantially lower on the day.

At levels near $0.2175, AVICI traded approximately 96% to 97% below its peak of about $7.56 to $7.61 reached in late November 2025. Market capitalization figures at the time of the decline stood near $2.84 million to $3.39 million, with a circulating supply of roughly 12.9 million tokens and several thousand holders.

Trading volume rose during the selloff. Most activity occurred through an automated market maker associated with MetaDAO, with additional volume on other exchanges. The token had already been under pressure in prior months, and the withdrawal reports accelerated the decline in a market of limited size where relatively small order flow can produce large percentage moves.

Platform Model and Outstanding Questions

Avici markets its product as a self-custodial wallet linked to a secured Visa card. Users deposit crypto into collateral accounts that support a corresponding credit limit. The reported ability to add an administrator and withdraw unspent collateral has raised questions about the practical enforcement of those self-custody claims.

Documentation identifies a partner involved in the card service that supplies stablecoin payment infrastructure. Available analysis has centered on Avici’s Solana programs rather than external card networks. Both programs were upgradeable and shared an upgrade authority described as a standard Solana account.

Avici Inc. is registered as a U.S. company with a Delaware incorporation and lists a San Francisco address. It raised funds through a capped token sale in late 2025. The incident does not appear to involve a vulnerability in the Solana network itself.

As of the latest available statements, the company has not released a full post-mortem or confirmed the final scope of losses. Users had begun reporting missing balances on social media prior to the official acknowledgment. Further details on the technical cause, the status of remaining funds, and any remediation plans are still pending.