Avici token falls 49% after US$1.1M hack

• A Rain contract vulnerability led to a US$1.1 million hack across Solana-based programmes.
• Avici token (CRYPTO:AVICI) fell 49% from US$0.43 to a record low of US$0.217.
• Avici said US$500,800 was stolen from 1,685 users and pledged full refunds.

A vulnerability in an outdated Rain contract drained about US$1.1 million across Solana-based programmes.

Avici token (CRYPTO:AVICI) fell 49% from US$0.43 to a record low of US$0.217 before recovering.

Avici said the attack affected US$500,800 held by 1,685 users, while their self-custodial wallets were not affected.

Rain said its monitoring identified the vulnerability in an outdated contract used by Avici and other programmes.

The attacker added itself as an administrator to card-collateral accounts before withdrawing their balances, according to transaction data.

The stolen stablecoins were swapped into Solana (CRYPTO:SOL), moved to Ethereum (CRYPTO:ETH) and sent through Tornado Cash.

Avici said it reported the incident to the FBI's Internet Crime Complaint Center, but has not said when refunds will arrive.

At the time of reporting, Avici price was $0.3585.