Privacy stablecoin payments network Payy said it has launched a claims process for users affected by its cross-chain contract exploit. The filing window will remain open for 30 days, and eligible users will receive compensation in USDC on the Ethereum network. Payy also said Payy Wallet services are currently paused and will be fully shut down once the claims window closes. In its notice, the team said claimants must enter their Payy Wallet mnemonic phrase in the claim form because of the project’s privacy architecture. According to the company, that mnemonic is used only inside the Payy app, and wallet balances cannot be identified without it. Foresight News had previously reported that, based on monitoring by Specter, Payy was suspected to have been attacked, with losses estimated at about 1.8 million USDC.
Privacy stablecoin payments network Payy said it has started a claims process for users affected by its cross-chain contract exploit.
The claims window will stay open for 30 days. Eligible users will receive compensation in USDC on the Ethereum network.
Payy Wallet services are currently suspended and will be fully closed when the claims period ends.
The team also said users must enter their Payy Wallet mnemonic phrase in the claim form because of Payy’s privacy architecture. According to the notice, the mnemonic is used only in the Payy app, and without it the platform cannot identify wallet balances.
Foresight News previously reported that, according to monitoring by Specter, Payy was suspected of suffering an attack, with losses estimated at about 1.8 million USDC.
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