Payy has frozen its stablecoin payment network, including card purchases, after saying its Ethereum bridge contract was exploited and drained on Sept. 24. A single tracked transaction moved roughly 1.83 million USDC, but Payy has disclosed neither the full scope of customer losses nor a timeline for restoring service.
Payy paused deposits, withdrawals, transfers, and card payments across its network after saying an exploit drained its Ethereum bridge contract on Sept. 24. The freeze leaves users unable to move or spend funds through the service while the company investigates.
Payy's statement places the incident at 4:21 a.m. UTC and says all Payy Network transactions were paused during the investigation, with further updates promised. Because the pause covers the card as well, the disruption extends beyond stablecoin transfers into purchases made through the app.
A single transaction, an unclear total
On Ethereum, block 26044909 recorded a transaction at 4:21:23 a.m. UTC in which 1,832,149.4681 USDC left a Payy rollup contract. Payy's own statement did not specify a USDC amount or identify a transaction hash, so this reported transfer measures one contract outflow rather than the incident's total scope.
Payy has described the bridge as drained of its full balance, and that description refers to the contract. A fuller loss figure depends on the company's own accounting of the bridge beyond what this single transaction shows.
No word yet on customer losses or a restart
The Sept. 24 statement gave no breakdown of the drained balance, no customer-loss figure, and no technical cause for the exploit. Payy also did not say how many users held active balances or attempted a payment during the interruption, so the announcement offers no measured count of people affected.
The operational effect is immediate: users cannot deposit, withdraw, transfer, or complete card transactions through Payy while the pause remains in place. The company says it is following incident response guidelines and will publish updates, but its initial statement set neither a restoration timetable nor a customer-loss figure. For now, the service freeze is the confirmed consequence, while the extent of the financial exposure remains undetermined.
Source: CryptoSlate
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