Payy Network Suspends Operations After Bridge Contract Drained on Ethereum
CIE News ·
On September 24, 2026, the Payy Network bridge contract deployed on the Ethereum network was compromised by an attacker who drained its entire balance. The critical security incident resulted in immediate disruptions across the ecosystem, forcing the project to halt core infrastructure functions to mitigate further exposure.\n\nThe incident centered on the bridge contract governing cross-chain transfers on Ethereum. Following the complete depletion of the contract's funds, Payy Network acted to contain the damage by systematically suspending both its network operations and integrated wallet functionalities. The exact financial loss and technical vector exploited during the drain remain tied strictly to the balance held within the impacted Ethereum contract at the time of the breach.\n\nAs of now, the platform's network and wallet functions remain suspended while the team manages the incident. No timeline for restoration has been established, and formal investigations into the attacker's activities and the compromised smart contract continue.