Payy confirms user deposits were stolen via an Ethereum bridge exploit; team has paused wallets and is working on fund recovery.
Security & Exploits ·
Payy has confirmed that user deposits were stolen through an Ethereum bridge exploit. In response, the team has paused wallets and initiated work on fund recovery alongside a root cause analysis. Bridges are systems that enable assets and data to move across blockchains, connecting otherwise isolated networks and powering cross-chain DeFi and stablecoin flows. However, bridge infrastructure ranks among the most attacked components in crypto, with exploits ranging from tens of millions drained across multiple chains to more recent incidents affecting individual protocols. The specific scope of Payy's losses, timeline for wallet resumption, and findings from the ongoing investigation remain undisclosed.