Payy Bridge Exploit Exposes Users to Unprecedented Losses

Payy's Ethereum bridge contract was exploited on September 24 at 4:21 UTC, causing an outflow of $1.83 million in USDC stablecoins.

The exploit drained the entire balance of the Payy rollup contract, with a single reported transaction showing an outflow of 1,832,149.4681 USDC.

Pasy has frozen its payment network, including card transactions, to investigate the incident and prevent further losses.

The company's statement did not specify the technical cause of the exploit or provide a breakdown of the drained balance, leaving customer exposure unclear.

User transactions on Payy Network are currently paused, including deposits, withdrawals, transfers, and card purchases, with no restoration timetable or customer-loss figure provided by the company.