Crypto news report · source clearly identified
Payy Suspends Operations After $1.92 Million USDC Theft
Payy halted deposits, withdrawals and card payments after a breach that siphoned $1.92 million USDC, which was quickly converted into roughly 683 ETH and moved to three wallets.
Payy, a crypto‑payment platform, announced an immediate suspension of all network activity after a security breach resulted in the loss of $1.92 million worth of USDC.
Details of the breach
The stolen USDC was rapidly converted into approximately 683 ETH. The majority of the converted ETH was then transferred to three separate wallets, indicating a coordinated exfiltration.
Operational response
In response to the incident, Payy has paused all deposits, withdrawals, and card payment services while it investigates the breach and works to secure its infrastructure.
Implications for users
Users with pending transactions or balances on the platform are currently unable to move funds. Payy has not provided a timeline for when services may resume.
Source & attribution
News Source
- Publisher
- The Defiant
- Original date
- September 24, 2026, 4:53 PM
- Original headline
- Payy Halts Network After $1.92 Million USDC Drain