Payy Network Confirms Hack; Ethereum Cross-Chain Contract Drained
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Payy Network confirmed a hack of its Ethereum cross-chain contract, with the protocol's full on-chain balance reportedly drained (around 1.8m USDC) and all deposits/withdrawals/transfers halted. The attacker routed funds via Railgun, swapped USDC to ETH, and distributed proceeds across multiple addresses. The incident elevates near-term security and counterparty risk around cross-chain infrastructure and can weigh on sentiment for Ethereum-based DeFi activity.
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Payy Network, a privacy-focused stablecoin payments network, said on Sept. 24 that its Ethereum cross-chain contract was attacked and its full balance was stolen.
The company said it has opened an investigation and has paused all activity on the network, including deposits, withdrawals and transfers. Payy added that it has notified law enforcement and is working with multiple incident-response organizations.
Earlier in the day, Specter Investigation reported signs that Payy Network had been compromised, with roughly 1.8 million USDC moved out. The attacker reportedly sourced the funds through the privacy protocol Railgun, swapped the stolen USDC into ETH, and then split the proceeds across three addresses.
