DeFi Hacks Claim Over $11 Million in Single Day

Three decentralized finance (DeFi) projects were hacked on Thursday, resulting in losses of over $11 million.

The first project to be hit was Payy Network, a rollup that offers on-chain payroll and treasury services. A bridge connecting Payy Network to Ethereum was exploited, draining its entire balance of $1.8 million. The funds were allegedly users' non-custodial deposits, which are not stored by the company.

The attacker swapped the stolen USDC for ETH using privacy protocol Railgun. Specter, a pseudonymous on-chain investigator, first flagged suspicious withdrawals in a Telegram message.

Payy Network confirmed the exploit and paused all operations while it investigates the cause of the loss. The firm has not disclosed any further information about the incident.