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Payy Says Exploit Stole User-Held, Non-Custodial Deposits
The privacy-focused stablecoin payment network is pursuing asset recovery and analyzing the root cause of the incident.
Mentioned assets
Payy confirmed that assets stolen in an exploit were user-held, non-custodial deposits placed in Payy Network and Payy Wallet, making the incident a direct loss involving customer funds.
The privacy-focused stablecoin payment network said it is pursuing recovery of the assets while conducting a root-cause analysis.
About 1.8 million USDC was transferred from Payy Network during the suspected attack. The confirmed status means the stolen funds were deposits controlled by users through Payy’s network and wallet.
The recovery effort and technical investigation are ongoing.
