A Solana-based $1.1 million crypto card hack crashed a neobank's token 49%

A hack involving a Solana-based crypto card resulted in losses of about $1.1 million, according to CoinDesk. The incident also triggered a sharp market reaction for the associated neobank, whose token fell 49%.

The reported loss highlights the risks facing crypto payment products, which connect digital-asset wallets and blockchain systems with card-based spending. Security incidents can affect both users’ funds and confidence in the platforms that provide those services.

Solana is a blockchain network commonly used for applications involving digital assets and payments. A crypto card product may allow users to use cryptocurrency for purchases, but it also creates additional security and operational dependencies across wallets, smart contracts, payment infrastructure and service providers.

The 49% decline in the neobank’s token illustrates how quickly a security breach can spread beyond the immediate loss of funds. Token markets often react sharply to events that raise concerns about a project’s security, controls or ability to protect customers.