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Payy freezes stablecoin card payments after Ethereum bridge exploit

Payy said its Ethereum bridge contract was exploited and drained on Sept. 24, pausing deposits, withdrawals, transfers, and card purchases.

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Payy has frozen its stablecoin payment network, including card transactions, after it said its Ethereum bridge contract was exploited and drained on Sept. 24, according to CryptoSlate.

The company paused all Payy Network transactions during its investigation, disabling deposits, withdrawals, transfers, and card purchases through the app, not just stablecoin movement.

CryptoSlate reports that Payy placed the incident timestamp at 4:21 a.m. UTC, and referenced an Ethereum transaction at block 26044909 at 4:21:23 a.m. UTC showing 1,832,149.4681 USDC leaving a Payy rollup contract.

Payy did not disclose the total extent of customer losses, and CryptoSlate notes that a complete loss figure depends on Payy’s accounting of bridge activity beyond the single reported contract outflow.

Latest closeEthereum $2,697.22 ▲0.4%

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