PANews, September 24: Payy Network stated that its bridge contract deployed on Ethereum was attacked, and the contract's entire balance was transferred out. The team is currently investigating and handling the matter in accordance with its security incident response process. During the investigation, Payy Network has suspended all transactions, including deposits, withdrawals, transfers, and bank card transactions, and will continue to publish further updates.
Payy Network stated that its bridge contract deployed on Ethereum was attacked.
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Payy Network stated that the contract's entire balance was transferred out.
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The team is currently investigating and handling the matter in accordance with its security incident response process.
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During the investigation, Payy Network has suspended deposits, withdrawals, transfers, and bank card transactions.
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Payy Network stated that it will continue to publish further updates.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
A bridge contract supports asset transfers between different networks. The source states that Payy Network's Ethereum bridge contract was attacked and its entire balance was transferred out. To address the incident, the team has temporarily stopped all transaction functions, including deposits and withdrawals.
Why it matters to readers
The transaction suspension means users are temporarily unable to make deposits, withdrawals, transfers, or bank card transactions; the transfer of the contract's entire balance also creates asset security risks.
If you use Payy Network, you should monitor the suspended status of transaction functions and the team's subsequent announcements; the source does not state when services will resume.
Risks and unknowns
The cause of the attack has not yet been disclosed.
The specific amount of assets transferred out has not yet been disclosed.
The source does not provide the attack transaction or other on-chain evidence.
Whether the assets can be recovered and whether a compensation plan exists remain unclear.
The time when transactions will resume has not yet been disclosed.
The incident information comes from PANews' retelling of a Payy Network post, and the related claims have not been independently verified.
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Related concepts
Bridge contract
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