The Solana-based token AVICI experienced a significant price decline on Friday after the network confirmed an issue affecting customer card-balance withdrawals. The token fell 37% during the session and briefly dropped nearly 52% below its opening price.
Avici acknowledged awareness of the withdrawal problem and stated it was working with partners to resolve the issue. However, the company did not characterize the incident as a hack, provide an estimate of the total amount involved, or disclose the number of affected customers.
An address associated with the incident held approximately $604,800 in various tokens at the time it was analyzed on Solscan, including roughly $570,410 in USDC, $34,188 in USDT, and $221 in SOL. The address was linked to about 2,500 accounts. The funds have since been dispersed, with the USDC and USDT balances now at zero and the remaining SOL transferred elsewhere.
While wallet analysis supports reports of a roughly $600,000 withdrawal, Avici has not confirmed whether the full amount belonged to its customers, and the network has not released a comprehensive statement regarding the incident.
AVICI opened trading at $0.4305 before declining to a low of $0.2072. The token later recovered to around $0.2695, but remained significantly below its opening price. Analysis of price charts indicated the token had been declining for several months before the withdrawal issue, suggesting the incident may have accelerated an existing downward trend rather than initiating it.
