The privacy-focused stablecoin payment network, Payy Network, has confirmed that its cross-chain contract on Ethereum was compromised, resulting in the theft of its entire balance. An investigation is ongoing, and all Payy Network transactions—including deposits, withdrawals, transfers, and card transactions—have been suspended. Payy has notified law enforcement and is collaborating with multiple incident response organizations. Previously, according to monitoring by Specter Investigation, Payy Network appeared to have been attacked, with approximately 1.8 million USDC transferred out.
Payy Network Confirms Ethereum Bridge Hacked, Resulting in $1.8M in USDC Theft
TechFlowShare
Summary
Payy Network confirmed an Ethereum bridge exploit, with $1.8 million in USDC stolen from its cross-chain contract. All transactions have been paused while investigations continue. The network upgrade timeline remains unclear as the team collaborates with law enforcement and security firms. Ethereum news outlets are closely monitoring the incident. Initial reports indicate the funds were transferred following the suspected breach. Payy has not yet announced a recovery plan.
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