AVICI saw a sharp fall after the network confirmed a problem affecting withdrawals from customers’ card balances.
While the token fell 37% on Friday and had shed more than half of its value earlier, an address associated with the exploit held coins worth around $604,800 before disbursing them elsewhere.
Avici confirms withdrawal problems
Avici said it was aware of an issue affecting card-balance withdrawals and was working with its partners to resolve it.
The company did not describe the incident as a hack, and it also did not give an estimate of the amount involved or the number of affected customers.
But there are reports that more than $600,000 had been drained from user accounts.
Analysis of a Solana address linked to the incident held $604,818.97 when it was captured on Solscan.
This included approximately $570,410 in USDC, $34,188 in USDT, $221 in SOL, and links to about 2,500 accounts, according to Solscan.
The funds have left the address since. Its balance of USDC and USDT is zero, and 886.94 SOL, which remained, has been sent to another address.
While the wallet balance supports the report of the $600,000 estimate, it does not prove that the full amount belonged to Avici customers, and the network is yet to release a full statement.
AVICI price falls as concerns spread
AVICI started trading at $0.4305 before falling as low as $0.2072.
It later recovered to around $0.2695, but despite the recovery, it remained 37.43% below its opening price.
There was an increase in selling during the fall, but a look at the chart showed that AVICI had already been losing ground for several months, and the withdrawal incident appears to have added to an existing decline rather than started it.
Trading had not concluded as of this writing, so we could still see more price moves. Also, a look at the chart showed that because of its small market, even a small increase in trading activities can lead to large price swings.
For now, it remains to be seen whether it can remain above Friday’s low near $0.20. Returning above $0.40 will help it recover much of the sudden fall.
Final Summary
- AVICI fell 37% and briefly traded nearly 52% below its opening price.
- An address linked to the incident held about $604,800, but Avici has not confirmed the reported loss.
