Payy Freezes Stablecoin Network After $1.8M USDC Bridge Exploit

By Khal · · 1 min read

Editorial illustration: Blue liquid spills from a broken transparent pipe into a basin. A large reservoir stands on the left, while a metal valve connects to three nearly empty vessels on the right.
AI-generated editorial illustration · AI-generated editorial illustration · Published Sep 25, 2026, 7:32 a.m. (1 hour ago)

In brief

  • Payy froze deposits, withdrawals, transfers, and card purchases after bridge exploit on September 24 at 4:21 a.m. UTC
  • 1.8 million USDC drained from Payy rollup contract in single transaction at block 26044909
  • Company withheld technical cause, customer loss figures, and service restoration timeline

Bridge Incident and Immediate Freeze

Payy's statement puts the bridge incident at 4:21 a.m. UTC. It said all Payy Network transactions were paused during investigation.

A transaction on Ethereum occurred at block 26044909 at 4:21:23 a.m. UTC in which 1,832,149.4681 USDC left a Payy rollup contract. This figure is the most concrete measure of the outflow, though Payy's statement did not specify a USDC amount or identify a transaction hash, leaving the total scope of the loss open.

Critical Disclosure Gaps

During the pause, users could not deposit, withdraw, send transfers, or complete card transactions through Payy. The company did not say how many users had active balances or attempted a payment during the interruption.

Payy's statement supplied no breakdown of the drained balance or a figure for customer losses. It also gave no technical cause for the exploit. Its initial announcement gave neither a restoration timetable nor a customer-loss figure.

For users, the service freeze is the confirmed consequence today, while the financial exposure remains to be determined.

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