← The Polylog Crypto Intelligence Brief
Morning Edition · Friday, September 25, 2026Published at 9:11 AM EDT · New York
Payy's Ethereum Bridge Was Drained of Its Full Balance, Freezing a Crypto Card Product
An attacker called the bridge's verifyRollup function, moved 1,832,149 USDC out and routed the proceeds through Railgun, while a security researcher swept 3,832 non-fungible tokens (NFTs) to safety over a suspected Magic Eden flaw.
Payy, a stablecoin payments network with a card product, said its Ethereum bridge contract was drained and suspended deposits, withdrawals, transfers and card purchases. Independent security write-ups describe the entry point: a transaction…
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Bridge and Mint Exploits Sustain Heavy DeFi Losses
Over 3-6 months, recurring bridge proof-validation and unauthorized-mint exploits keep monthly DeFi losses elevated, including drains of deprecated contracts.
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