Payy freezes crypto cards after bridge exploit as losses remain unclear

Payy froze its stablecoin payment network after saying its Ethereum bridge contract was exploited and drained. The freeze includes card transactions. An Ethereum transaction moved 1,832,149.4681 USDC from a Payy rollup contract at block 26044909. The transaction occurred at 4:21:23 a.m. UTC on Sept. 24. The transfer measures one contract outflow. The total scope remains open. Payy's description that the bridge was drained of its full balance referred to that contract. Payy's statement did not provide a breakdown of the drained balance. It did not provide a customer-loss figure. It did not give a technical cause for the exploit. Users cannot deposit or withdraw on Payy Network during the pause. Users cannot send transfers. Users cannot complete card transactions through the service. Payy said it was following incident response guidelines. Payy said it would publish updates. The announcement gave no restoration timetable. It gave no count of users with active balances or attempted payments. Whether the bridge loss affects customer balances remains unclear.