Payy Network Confirms Hack; Ethereum Cross-Chain Contract Attacked

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Payy Network announced an on-chain news alert confirming a hack of its Ethereum cross-chain contract, resulting in the theft of all funds. The network has suspended all transactions and is collaborating with law enforcement and incident response teams. On-chain data shows that 1.8 million USDC were transferred following the attack, with funds traced from Railgun to ETH and distributed across three addresses. A network upgrade is currently under evaluation to prevent future incidents.

[Payy Network Officially Confirms Theft; Cross-Chain Contract on Ethereum Compromised] On September 24, the privacy-focused stablecoin payment network Payy Network confirmed that its cross-chain contract on Ethereum was attacked, 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 reported that the privacy-focused stablecoin payment network Payy Network appeared to have been compromised, with approximately 1.8 million USDC transferred out. The attacker initially acquired funds via the privacy protocol Railgun, then exchanged the stolen USDC for ETH and dispersed the funds across three addresses.

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