Payy Network froze its stablecoin payment network after reporting that its Ethereum bridge contract was exploited and drained on September 24, 2026. Deposits, withdrawals, transfers and card purchases were suspended, leaving users unable to move or spend funds through the service while the company investigates. An Ethereum transaction in block 26044909 at 04:21:23 UTC transferred 1,832,149.4681 USDC, worth roughly $1.83 million, from a Payy rollup contract. Payy did not provide a USDC loss figure, transaction hash, technical explanation or customer-loss estimate, meaning the visible transfer represents a contract outflow rather than a confirmed total accounting of the bridge incident. The project said it was following incident-response procedures and would provide updates, but gave no timetable for restoring services. Specter Investigation previously said the USDC passed through Railgun, was converted into about 683 ETH and distributed across multiple addresses. Payy had also patched a separate zk-circuit flaw in version 1.3.0 in June 2026 before funds were lost.