BlockBeats report: On September 24, the privacy-focused stablecoin payment network Payy Network officially 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, and transfers—have been suspended. Payy has notified law enforcement and is collaborating with multiple incident response organizations.
Earlier today, Specter Investigation detected a suspected attack on the privacy-focused stablecoin payment network Payy Network, during which approximately 1.8 million USDC were transferred. The attacker initially acquired funds via the privacy protocol Railgun, then exchanged the stolen USDC for ETH and dispersed the funds across three addresses.