Payy Halts Crypto Card Services After 1,832,149 USDC Drain
Payy paused deposits, withdrawals, transfers and card payments after its Ethereum bridge contract was exploited Sept. 24. The company has not disclosed customer losses or a restart date.
Payy halted deposits, withdrawals, transfers and card payments after its Ethereum bridge contract was exploited and 1,832,149.4681 USDC left the contract early Sept. 24, leaving potential customer losses unresolved.
The transaction occurred at 12:21:23 a.m. ET (4:21:23 a.m. UTC) in Ethereum block 26,044,909. Nearly all of the funds, 1,828,589.3781 USDC, went to one address, while smaller transfers accounted for the remainder.
Payy said its bridge contract was “exploited and drained of its full balance” and that its investigation was ongoing. The company has not disclosed the number of affected customers, whether any funds can be recovered or when its network and card services will resume.
Payy describes its wallet products as non-custodial, meaning users control the wallet funds. The bridge contract connected Payy’s network activity to Ethereum, but the confirmed transfer does not establish the exploit’s technical cause or the total amount of any customer losses.
