Over $1 Million Drained from Avici in Solana Neobank Attack

The attacker targeted Avici, a Solana-based neobank that offers Visa cards backed by users' crypto assets. The breach resulted in the theft of more than $1 million, with the compromised wallet holding 10,005 SOL at the time of the incident. Avici describes its card as self-custodial, with user balances stored in on-chain accounts authorized via passkeys instead of seed phrases. Nearly two hours after the initial transaction, Avici acknowledged an issue affecting card balance withdrawals, indicating ongoing concerns about the security breach. The incident highlights vulnerabilities in crypto-backed banking services and raises questions about the security measures in place for on-chain asset management within such platforms.