Payy Network Halts Operations Following Up to $1.92 Million Ethereum Bridge Exploit

Payy Network has suspended all platform operations, including deposits, withdrawals, transfers, and card transactions, after an exploit drained between $1.83 million and $1.92 million in USDC from its Ethereum-based rollup bridge contract. The attack took place at 04:21 UTC on September 24 via a malicious verifyRollup transaction at block 26044909. According to Specter Investigation, the attacker routed the stolen USDC through Railgun, swapped the proceeds into approximately 683 ETH, and dispersed them across multiple wallets. Operations remain frozen while Payy works with cybersecurity experts and law enforcement.