# Payy Pauses Network After $1.92 Million USDC Drain

By Simon Yoon

Canonical URL: https://www.tokenpost.com/news/technology/23850
Published: 2026-09-24T17:15:50.000Z
Updated: 2026-09-24T17:15:50.000Z

Payy has paused network operations after a $1.92 million drain of USD Coin (USDC), with the funds converted into about 683 Ether (ETH) and network services suspended.

The pause covers deposits, withdrawals and card payments. Most of the converted ETH was later sent to three wallets.

The sequence involved an initial USDC drain, a conversion into ETH and subsequent wallet transfers. Payy’s network operations remain paused, including deposits, withdrawals and card payments.