{"investigation":{"slug":"avici","entity_name":"Avici","trust_score":38,"severity_base":null,"score_modifier":0,"confidence":0.72,"status":"published","content_type":"investigation","summary":"Avici (ticker: AVICI) is a Solana-based, self-custodial neobank and crypto payment platform that launched its token via an on-chain MetaDAO sale in October 2025. On August 28–29, 2026, attackers exploited an outdated Solana card contract supplied by Avici's issuing partner Rain, draining an estimated $500,859 to over $1 million from approximately 1,685 user card accounts; Avici pledged full refunds, filed an FBI IC3 report, and the stolen funds were ultimately moved through Tornado Cash. Separately, third-party scammers created fake airdrop sites impersonating Avici to drain additional user wallets.","sections":[{"content":"Avici is a Solana-native, self-custodial neobank founded by a team of doxxed entrepreneurs originally from India. Its core product is a Visa-integrated crypto debit card tied to an on-chain smart wallet, allowing users to spend cryptocurrency at any Visa-accepted merchant without relinquishing self-custody of their underlying assets. The platform also offers virtual USD/EUR bank accounts for fiat on/off ramps, on-chain credit scoring, and plans for lending and mortgage products. Governance is structured as a DAO using futarchy — a decision-making model based on prediction markets. The founding team previously co-founded the web3 gaming project lbrty Network, which shut down in 2023 after failing to find product-market fit. Named founders include CEO Sitaram Kakarlamudi and developer Varun Lohade. Commentators have noted the absence of traditional finance or payments industry veterans in the leadership team.","heading":"Entity Overview","sources":[{"url":"https://bingx.com/en/learn/article/what-is-avici-crypto-neobank-how-does-it-work","name":"What Is Avici (AVICI) Crypto Neobank and How Does It Work? — BingX","type":"news_article","credibility":3},{"url":"https://medium.com/coinmonks/avici-a-crypto-payment-card-with-neobanking-ambitions-2e5371b198a8","name":"Avici: a crypto payment card with neobanking ambitions — Coinmonks/Medium","type":"news_article","credibility":3},{"url":"https://www.rootdata.com/Projects/detail/Avici?k=MjE4MTc%3D","name":"Avici Project Introduction, Team, Financing and News — RootData","type":"research","credibility":2}],"severity":"low"},{"content":"The AVICI token launched on October 18, 2025 via an on-chain public sale through MetaDAO, a Solana-based Internet Capital Markets platform. According to multiple sources, the ICO price was approximately $0.35–$0.50 per token; the project raised approximately $34.2 million in gross proceeds, retained $3.5 million, and refunded the remainder due to oversubscription — roughly a 10x oversubscription rate. Token allocation was reported as 77.5% for ICO participants and 22.5% for liquidity provision, with a stated 0% team allocation and no private investor vesting cliffs. All tokens were issued with 100% immediate unlock. The AVICI token peaked at approximately $7.61 in November 2025 before declining sharply. As of the August 2026 exploit, AVICI was trading near $0.22, approximately 96% below its all-time high. The stated 0% team allocation and no-VC-round structure are notable but carry inherent verification challenges, as on-chain token distribution can be complex to audit independently.","heading":"Token Launch and Tokenomics","sources":[{"url":"https://icodrops.com/avici/","name":"Avici (AVICI) IDO Token Sale Review — ICO Drops","type":"research","credibility":2},{"url":"https://hackernoon.com/avici-raises-$35-million-gives-back-90percent-of-capital-via-futarchy-governance","name":"Avici Raises $3.5 Million, Gives Back 90% of Capital via Futarchy Governance — HackerNoon","type":"news_article","credibility":2},{"url":"https://icoanalytics.org/projects/avici/","name":"Avici (AVICI) token sale analytics — ICO Analytics","type":"research","credibility":2},{"url":"https://messari.io/project/avici-money/profile","name":"Avici Price, AVICI to USD, Research — Messari","type":"research","credibility":2}],"severity":"medium"},{"content":"On August 28–29, 2026, an attacker exploited an outdated Solana smart contract supplied by Avici's card-issuing partner Rain. According to reporting by CryptoBriefing, Cryptopolitan, and CoinTrust, the attacker began with approximately 1.79 SOL obtained via deBridge and executed three sequential contract calls: SubmitSignatures on Avici's authorization program, AddCollateralAdmin on its collateral program, and WithdrawCollateralAsset to extract funds. By submitting a specially crafted signature bundle, the attacker incorrectly obtained admin access to more than 1,100 user collateral accounts and drained them individually, executing 14,672 transactions including approximately 2,344 failed attempts. Reports of total losses vary across sources: Avici officially confirmed $500,859.22 drained from 1,685 user card accounts; on-chain tracking by blockchain analyst @SolanaFloor and analyst tool STACC identified approximately 125 distinct affected accounts with a wallet balance of approximately $1.07 million in SOL plus stablecoins; CoinTrust reported a figure of approximately $1.02 million after the attacker converted extracted stablecoins to SOL and then to approximately 418 ETH before depositing into Tornado Cash mixer at address 0x2cE21E4921d3Eb116526c3651Dac0257657338D5. Avici's self-custodial Solana and EVM wallets were not affected — only funds that users had transferred into the card system's separate Solana contract were at risk. Rain subsequently identified that the vulnerability existed in an outdated version of its Solana contracts used by Avici and an unspecified number of other programs; Rain upgraded all affected deployments and reported no further unauthorized activity after the fix. Avici pledged to refund all 1,685 affected users in full, filed a report with the FBI's Internet Crime Complaint Center (IC3), and Rain engaged third-party forensic investigators and coordinated with law enforcement. AVICI token fell approximately 39% in 24 hours following news of the exploit.","heading":"August 2026 Smart Contract Exploit","sources":[{"url":"https://cryptoadventure.com/avici-to-refund-1685-users-after-500k-solana-card-contract-exploit/","name":"Avici to Refund 1,685 Users After $500K Solana Card Contract Exploit — CryptoAdventure","type":"news_article","credibility":2},{"url":"https://cryptobriefing.com/avici-neobank-hack-600k-drained-phishing/","name":"Avici neobank hacked, over $600K drained from user accounts — CryptoBriefing","type":"news_article","credibility":2},{"url":"https://www.cryptopolitan.com/avici-crashes-hackers-drain-solana-neobank/","name":"Avici token crashes as hackers drain nearly $1 million from Solana neobank — Cryptopolitan","type":"news_article","credibility":2},{"url":"https://www.cryptopolitan.com/avici-pledges-full-refunds-ajna-next/","name":"Avici pledges full refunds as hackers hit Ajna next — Cryptopolitan","type":"news_article","credibility":2},{"url":"https://www.cointrust.com/market-news/avici-hit-by-1-02-million-exploit-as-funds-move-to-tornado-cash","name":"Avici Hit by $1.02 Million Exploit as Funds Move to Tornado Cash — CoinTrust","type":"news_article","credibility":2},{"url":"https://crypto.news/avici-attack-drains-over-1m-dollars-from-solana-users/","name":"Avici Attack Drains Over $1M From Solana Users — Crypto.news","type":"news_article","credibility":2},{"url":"https://blockchainreporter.net/avici-solana-card-contract-vulnerability","name":"Avici Card Contract Vulnerability Affects 1,685 Users — Blockchain Reporter","type":"news_article","credibility":2},{"url":"https://www.kucoin.com/news/flash/hackers-steal-over-1m-from-solana-based-bank-avici","name":"Hackers steal over $1 million from Solana-based bank Avici — KuCoin News","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Beginning around December 2025, third-party scammers — unaffiliated with Avici — created fraudulent websites including getavici[.]today and airdrop-avici[.]money impersonating the legitimate Avici platform (avici.money). These sites offered fake $AVICI token airdrops. When users connected their cryptocurrency wallets, a wallet-draining script automatically transferred funds to the scammers' accounts. The scam was distributed via hacked WordPress sites, fake social media accounts on Facebook and X (formerly Twitter), deceptive advertisements, and rogue ad networks on torrent and illegal streaming sites. A separate fake airdrop campaign targeting AVICI excitement on Solana was separately identified and warned about by exchange Bitrue. These impersonation attacks are distinct from Avici's own security breach and were conducted by external bad actors exploiting Avici's brand recognition. Losses from wallet drainers are typically permanent due to blockchain transaction irreversibility.","heading":"Third-Party Airdrop Scam (Impersonation)","sources":[{"url":"https://www.pcrisk.com/removal-guides/34658-avici-airdrop-scam","name":"Avici Airdrop Scam - Removal and recovery steps — PCRisk","type":"community_report","credibility":2},{"url":"https://www.bitrue.com/blog/avici-airdrop-scam-solana-wallet-drain","name":"Scam Warning: $AVICI Fake Airdrop Site Pretends to Give Tokens but Drains SOL — Bitrue","type":"news_article","credibility":2}],"severity":"high"},{"content":"No regulatory action by the SEC, CFTC, or any other financial regulator against Avici the crypto neobank has been identified. Following the August 2026 exploit, Avici filed a report with the FBI's Internet Crime Complaint Center (IC3), and Rain engaged with law enforcement and relevant regulators — though no formal enforcement proceedings have been reported. Note: SEC EDGAR contains historic filings for a wholly separate, now-defunct public company called Avici Systems Inc. (a 2000s-era networking hardware firm), which was subject to IPO-related securities class action lawsuits concerning its underwriters. These proceedings are unrelated to the crypto neobank Avici.","heading":"Regulatory and Compliance Status","sources":[{"url":"https://cryptoadventure.com/avici-to-refund-1685-users-after-500k-solana-card-contract-exploit/","name":"Avici to Refund 1,685 Users After $500K Solana Card Contract Exploit — CryptoAdventure","type":"news_article","credibility":2}],"severity":"low"},{"content":"The Avici founding team is reported to be doxxed with members originating from India. Named principals include CEO Sitaram Kakarlamudi, who has prior web2 and web3 entrepreneurship experience, and developer Varun Lohade, who has approximately five years of web2 and web3 development experience. The team previously co-founded lbrty Network, a web3 gaming project that shut down in 2023 due to inability to find product-market fit. Analysis by crypto media has noted the absence of traditional finance or banking industry veterans in the leadership structure. The project's stated 0% team token allocation is notable as a structural safeguard but is difficult to independently verify without a full on-chain distribution audit.","heading":"Team Background and Transparency","sources":[{"url":"https://medium.com/coinmonks/avici-a-crypto-payment-card-with-neobanking-ambitions-2e5371b198a8","name":"Avici: a crypto payment card with neobanking ambitions — Coinmonks/Medium","type":"news_article","credibility":3},{"url":"https://www.rootdata.com/Projects/detail/Avici?k=MjE4MTc%3D","name":"Avici Project Introduction, Team, Financing and News — RootData","type":"research","credibility":2},{"url":"https://www.panewslab.com/en/articles/aaeddb3a-65bb-4b45-bd56-e68206fde7d6","name":"Neobank narrative heats up: a sneak peek at 12 hot concept projects — PANews","type":"news_article","credibility":2}],"severity":"medium"}],"timeline":[{"date":"2023-01-01","event":"lbrty Network, a web3 gaming project co-founded by the Avici team, shuts down due to inability to find product-market fit.","source":"Coinmonks/Medium — Jean-Yves Devloo","source_url":"https://medium.com/coinmonks/avici-a-crypto-payment-card-with-neobanking-ambitions-2e5371b198a8"},{"date":"2025-10-18","event":"AVICI token launches via a public on-chain ICO through MetaDAO at approximately $0.35–$0.50 per token. Project raises approximately $34.2 million gross; retains $3.5 million and refunds the rest due to oversubscription.","source":"ICO Drops / HackerNoon","source_url":"https://icodrops.com/avici/"},{"date":"2025-11-01","event":"AVICI token reaches an all-time high of approximately $7.61 amid rapid user growth and card adoption metrics.","source":"Cryptopolitan","source_url":"https://www.cryptopolitan.com/avici-crashes-hackers-drain-solana-neobank/"},{"date":"2025-12-30","event":"PCRisk documents a third-party fake airdrop scam at getavici[.]today impersonating Avici and draining user wallets via a cryptocurrency drainer.","source":"PCRisk","source_url":"https://www.pcrisk.com/removal-guides/34658-avici-airdrop-scam"},{"date":"2026-01-12","event":"PCRisk updates its Avici airdrop scam removal guide; additional fake airdrop site airdrop-avici[.]money also documented.","source":"PCRisk","source_url":"https://www.pcrisk.com/removal-guides/34658-avici-airdrop-scam"},{"date":"2026-08-28","event":"Attacker begins exploiting an outdated Solana card contract supplied by Rain, Avici's card-issuing partner, draining user card balances via SubmitSignatures, AddCollateralAdmin, and WithdrawCollateralAsset function calls. @SolanaFloor first publicly identifies the breach.","source":"Cryptopolitan / CryptoBriefing","source_url":"https://www.cryptopolitan.com/avici-crashes-hackers-drain-solana-neobank/"},{"date":"2026-08-29","event":"Avici confirms the exploit, states $500,859.22 was drained from 1,685 user card accounts, and pledges full refunds. Attacker converts extracted funds to approximately 418 ETH and deposits into Tornado Cash. AVICI token falls approximately 39% in 24 hours to approximately $0.22. Avici files a report with the FBI IC3. Rain upgrades all affected contract deployments.","source":"CryptoAdventure / CoinTrust / CryptoBriefing","source_url":"https://cryptoadventure.com/avici-to-refund-1685-users-after-500k-solana-card-contract-exploit/"}],"sources_used":[{"url":"https://cryptoadventure.com/avici-to-refund-1685-users-after-500k-solana-card-contract-exploit/","name":"Avici to Refund 1,685 Users After $500K Solana Card Contract Exploit — CryptoAdventure","type":"news_article","credibility":2},{"url":"https://cryptobriefing.com/avici-neobank-hack-600k-drained-phishing/","name":"Avici neobank hacked, over $600K drained from user accounts — CryptoBriefing","type":"news_article","credibility":2},{"url":"https://www.cryptopolitan.com/avici-crashes-hackers-drain-solana-neobank/","name":"Avici token crashes as hackers drain nearly $1 million from Solana neobank — Cryptopolitan","type":"news_article","credibility":2},{"url":"https://www.cryptopolitan.com/avici-pledges-full-refunds-ajna-next/","name":"Avici pledges full refunds as hackers hit Ajna next — Cryptopolitan","type":"news_article","credibility":2},{"url":"https://www.cointrust.com/market-news/avici-hit-by-1-02-million-exploit-as-funds-move-to-tornado-cash","name":"Avici Hit by $1.02 Million Exploit as Funds Move to Tornado Cash — CoinTrust","type":"news_article","credibility":2},{"url":"https://crypto.news/avici-attack-drains-over-1m-dollars-from-solana-users/","name":"Avici Attack Drains Over $1M From Solana Users — Crypto.news","type":"news_article","credibility":2},{"url":"https://www.kucoin.com/news/flash/hackers-steal-over-1m-from-solana-based-bank-avici","name":"Hackers steal over $1 million from Solana-based bank Avici — KuCoin News","type":"news_article","credibility":2},{"url":"https://blockchainreporter.net/avici-solana-card-contract-vulnerability","name":"Avici Card Contract Vulnerability Affects 1,685 Users — Blockchain Reporter","type":"news_article","credibility":2},{"url":"https://news.edaface.com/2026/08/29/avici-attacker-turns-190-into-670k-as-team-refunds-users/","name":"Avici Attacker Turns $190 Into $670K as Team Refunds Users — EdaFace Newsfeed","type":"news_article","credibility":2},{"url":"https://www.pcrisk.com/removal-guides/34658-avici-airdrop-scam","name":"Avici Airdrop Scam - Removal and recovery steps — PCRisk","type":"community_report","credibility":2},{"url":"https://www.bitrue.com/blog/avici-airdrop-scam-solana-wallet-drain","name":"Scam Warning: $AVICI Fake Airdrop Site — Bitrue","type":"news_article","credibility":2},{"url":"https://icodrops.com/avici/","name":"Avici (AVICI) IDO Token Sale Review — ICO Drops","type":"research","credibility":2},{"url":"https://hackernoon.com/avici-raises-$35-million-gives-back-90percent-of-capital-via-futarchy-governance","name":"Avici Raises $3.5 Million, Gives Back 90% of Capital via Futarchy Governance — HackerNoon","type":"news_article","credibility":2},{"url":"https://messari.io/project/avici-money/profile","name":"Avici Price, AVICI to USD, Research — Messari","type":"research","credibility":2},{"url":"https://www.coingecko.com/en/coins/avici","name":"Avici Price Today — CoinGecko","type":"other","credibility":2},{"url":"https://www.rootdata.com/Projects/detail/Avici?k=MjE4MTc%3D","name":"Avici Project Introduction, Team, Financing and News — RootData","type":"research","credibility":2},{"url":"https://medium.com/coinmonks/avici-a-crypto-payment-card-with-neobanking-ambitions-2e5371b198a8","name":"Avici: a crypto payment card with neobanking ambitions — Coinmonks/Medium","type":"news_article","credibility":3},{"url":"https://www.panewslab.com/en/articles/aaeddb3a-65bb-4b45-bd56-e68206fde7d6","name":"Neobank narrative heats up: 12 hot concept projects — PANews","type":"news_article","credibility":2}],"source_tags":[],"addresses":[],"reviewed":false,"reviewed_by":null,"model_used":"claude-sonnet-4-6","created_at":"2026-08-29T23:17:32.261542+00:00","updated_at":"2026-08-29T23:17:41.651+00:00"}}