About $1.83 million in USDC was withdrawn from the contract.
The attacker has already exchanged the stolen funds for 683.38 ETH and distributed them among three addresses.
Payy is a platform for private payments in stablecoins. The project is developing its own Ethereum L2/rollup with zero-knowledge technologies that allow hiding transaction details, including the sender, recipient, and amount. Payy also offers a non-custodial wallet and a card for paying with stablecoins.
As of the time of this report, the Payy team has not publicly confirmed the details of the incident.
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