Payy Bridge Exploit Freezes Crypto Cards and Balances

Payy has suspended its stablecoin payment network, including all card transactions, deposits, and withdrawals, following an exploit of its Ethereum bridge contract on Sept. 24 at 4:21 a.m. UTC. On-chain data indicates that approximately 1.83 million USDC was drained from a Payy rollup contract. The company has not yet provided a full breakdown of total losses or a technical explanation for the breach, and all services remain paused during the investigation.