Crypto
$1.83M USDC Vanishes from Payy Network Amid Hack Uncertainty
A significant incident has shaken the Payy Network, a privacy-focused payment network for stablecoins built on Ethereum. On September 24, 2026, at 04:21:23 UTC, a transaction worth $1.83 million in USDC was moved out of a Payy contract.
The blockchain investigator Specter flagged the incident and reported that the funds may have been drained from the network. However, no official statement has been made by Payy regarding the incident or its cause.
Specter's findings suggest that the funds were transferred through Railgun, a privacy protocol that obscures the origin of funds, and then swapped for Ethereum before being distributed across three addresses.