Three DeFi projects lose more than $11 million in one day

Three DeFi projects suffered exploits totaling more than $11 million worth of crypto on Thursday. Payy Network lost $1.8 million after an attacker exploited its bridge to Ethereum. The attacker swapped $1.8 million of USDC for ETH through Railgun. Pseudonymous on-chain investigator Specter flagged suspicious withdrawals. Payy Network confirmed that the exploit drained its entire bridge balance. Payy Network paused all operations. The funds were users' non-custodial deposits to Payy Network and Payy Wallet. Payy Network has not disclosed the cause of the loss. Duelbits suffered a suspected private key compromise. PeckShield initially estimated the loss at $4.3 million. Specter later raised the estimate to $4.9 million and then $5.9 million after identifying affected addresses on Bitcoin and Solana. Duelbits' co-founder estimated the final loss at approximately $7 million. Duelbits previously suffered a $4.6 million hack in 2024. CertiK suspected that incident also involved a private key compromise. Meter suffered a bridge attack involving the minting of unbacked tokens. Meter's team attributed the incident to a block validation flaw. The team said it had preserved the chain state. The recovery method remains undecided. Tokens worth a reported $2.3 million were minted and sold on PancakeSwap. The sales pushed down the prices of MTR and MTRG. MTR fell almost 80%. MTRG fell 75%. Meter previously suffered a $4.4 million bridge hack in 2022.