Payy stated in an initial analysis that the loss was not caused by a compromised key, social engineering, or an exploit of its off-chain systems. The company is conducting an ongoing investigation into the incident to determine the exact method used to bypass its bridge security.
Wednesday, October 21, 2026
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Payy Loses $1.92 Million in Ethereum Bridge Drain
Crypto25 days ago
An unknown attacker drained the full balance of Payy's Ethereum bridge contract on September 24 at 4:21 UTC. Blockchain records show about $1.92 million in user deposits were transferred to one address in two batches, while PeckShield noted an initial loss of approximately $1.83 million in USDC. The attacker swapped the stolen funds for 683.38 ETH and split the assets primarily among three separate addresses.
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