Payy Network suspected of losing $1.8M USDC in hack

Payy Network, a privacy-focused stablecoin payments network, is estimated to have lost about 1.8 million USDC in a hacking attack, according to on-chain analyst Specter Investigation. The attacker is understood to have obtained the initial funds through privacy protocol Railgun, then swapped the stolen USDC for ETH and dispersed it across three addresses.