TREE NEWS update: Payy paused deposits, withdrawals and card payments after roughly $1.92 million in USDC was drained from the network. The proceeds were converted into about 683 ETH, most of which was then sent to three wallets, the project said. The halt covers all core services as the team investigates the incident.
Payy Halts Network After $1.92M USDC Drain, Converts Funds to 683 ETH
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AI take
The pause of all core services — including card payments — matters more than the headline loss, since it freezes users' access to funds rather than just the project's balance sheet. Routing proceeds into ETH and splitting them across multiple wallets is a familiar laundering pattern, suggesting the attacker moved fast rather than exploiting a slow, recoverable contract flaw. Whether the team can identify the entry point and whether any portion is frozen before further dispersion is the open question.
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