BlockBeats report: On June 16, the crypto payment project Pyra announced it would officially cease operations and enter liquidation, stating that after evaluating all viable options, it ultimately failed to identify a sustainable path to business recovery.
The project team stated that this closure is primarily due to the severe impact of the previous security vulnerability incident involving Drift on operations and user assets. Over the past several months, the team has attempted various reconstruction and funding solutions, but none have resolved the ongoing operational challenges.
According to the announcement, user assets can still be withdrawn normally, new user registration has been closed, and all Pyra card services have been terminated. Over the coming weeks, the company will gradually shut down its mobile app and launch a web portal to allow users to manage open positions and complete fund withdrawals.
Pyra also stated that, following the official distribution of tokens by Drift, the tokens will be distributed to affected users through its web portal; however, the exact timing is still pending further confirmation from the Drift team.
The company recommends that users withdraw their funds and export their account private keys as soon as possible, noting that the related withdrawal functionality will remain available until at least September 15, 2026, to allow users to complete asset migration and settlement. The official team emphasizes that basic support services will be maintained throughout the transition period to assist users with account processing.