Payy Network has halted all activity following the attack.
Payy Network bridge fully drained of $1.8 million
The Payy Network, a stablecoin infrastructure company, disclosed that a bridge contract had been fully drained of funds, netting attackers $1.8 million. They later stated that the theft was "NOT a compromised key, social engineering or exploit of our off-chain infrastructure," but has not disclosed what it was. They also announced that the stolen funds were "users' non-custodial deposits to Payy Network / Payy Wallet", which is somewhat of an oxymoron.
Bitget crypto exchange hacked for $388 million, pauses withdrawals
Attackers stole $387.5 million in crypto assets from Bitget, a cryptocurrency exchange originally founded in Singapore and headquartered out of the Seychelles. Centralized stablecoin issuers Circle and Tether (issuers of USDC and USDT) froze $318,000 in stolen assets, but the vast majority were swapped to decentralized cryptocurrencies and have not been frozen.
Bitget CEO Gracy Chen has said the company believes that a North Korean cybercrime group may be behind the theft. Bitget halted withdrawals shortly after the theft was noticed, citing the need to prevent attackers from stealing more assets. Bitget has said they have sufficient assets to cover the stolen funds.
Polish Zondacrypto exchange stops processing withdrawals amid possible insolvency
The Polish cryptocurrency exchange Zondacrypto faced complaints that withdrawals were not being processed as far back as December 2025, but the crisis seems to have escalated. CEO Przemysław Kral attempted to assuage insolvency fears by pointing to a cryptocurrency wallet containing around 4,500 BTC (~$330 million) as proof of assets, but he also admitted that the keys to the wallet were known only to the exchange's previous CEO and not transferred during the company's 2021 sale. The former CEO has been missing for four years.
Polish authorities have launched investigations into the apparent collapse. Losses have been estimated at 350 million zł (~$96 million).
Poland's Prime Minister Donald Tusk has also recently accused Zondacrypto of sponsoring conservative and right-wing politicians, including Polish President Karol Nawrocki. Nawrocki has repeatedly vetoed legislation aiming to regulate the crypto sector, describing it as overly burdensome to crypto businesses. Tusk has also alleged that Zondacrypto was funded by the Russian mafia and Russian intelligence services. These allegations are also being investigated by Polish authorities, and one report citing the country's Internal Security Agency claims that the Kremlin-linked Tambovskaya Bratva Russian mafia group took over the exchange as far back as 2018.
- "UOKiK zbada sprawę Zondacrypto. 'Znacznie poważniejsze nieprawidłowości'", Money.pl (in Polish) [archive]
- Polish leader Tusk claims Russia-linked crypto firm backed Nawrocki’s presidential bid", AP News [archive]
- "Powerful Russian mafia 'took control' of crisis-hit Polish firm Zondacrypto", TVP World [archive]
BlockFills crypto lender halts withdrawals
The Chicago-based institutional crypto lending firm BlockFills has halted deposits and withdrawals, citing "recent market and financial conditions" and a desire to "further the protection of clients and the firm". They've also noted the need to "restore liquidity to the platform".
Platforms limiting or halting withdrawals — particularly lending platforms — is reminiscient of the 2022 crypto crash, when falling crypto prices exposed crypto firms that had been engaging in highly risky or sometimes illegal behavior. As crypto prices fell, firms were unable to meet their loan obligations or faced margin calls, and the tightly interconnected web of lending within the crypto ecosystem often meant that one company failure cascaded into multiple more. It remains to be seen whether this is an isolated incident or the beginning of a trend as crypto prices hit revisit price lows not seen in over a year.
BlockFills claims to have more than 2,000 institutional clients globally, and boasted of facilitating more than $61 billion in transactions in 2025. The company's backers include Susquehanna Capital and CME Ventures.
Stream Finance halts activity after $93 million loss
The Stream Finance defi yield project announced that "an external fund manager overseeing Stream funds disclosed the loss of approximately $93 million in Stream fund assets." Stream announced that they were in the process of withdrawing remaining liquid assets, and had halted all deposits or withdrawals. They also announced they had retained a law firm to investigate the "incident".
The project didn't disclose who the fund manager was, or the circumstances in which the "loss" occurred.
The Staked Stream USD token depegged on November 3, and crashed further following the announcement.
Crypto lender Abra pauses withdrawals for international customers
The Abra cryptocurrency lender sent an email to customers announcing that "Abra Earn international services are currently paused, effective immediately", attributing the decision to "broader risk management efforts" and saying it was "influenced by external circumstances outside of our control". This has raised concern among Abra customers, and carries troubling echoes of the wave of crypto lenders pausing withdrawals before they collapsed during the 2022 "crypto winter".
This isn't the first sign of shakiness at Abra, which was alleged to be insolvent by the Texas state securities regulator in 2023. The company wound down its US operations in mid-2023 and refunded $82 million to US customers, after reaching a settlement with 25 state regulators. Abra also faced a lawsuit from the US federal securities regulator in 2024, which they settled in August of that year.
Catalyx exchange ordered to freeze trading after theft
The Canadian Catalyx cryptocurrency exchange has frozen trading and halted withdrawals after an emergency order by the Alberta Securities Commission on December 21. Catalyx consented to the order.
Catalyx announced in a press release on December 28 that they had "recently discovered a security breach on the Platform in connection with the holding of crypto assets on behalf of clients. Management suspects that this security breach, which may involve an employee, has resulted in the loss of a portion of the crypto assets held by the Company on behalf of its clients".
Catalyx did not state how much had been stolen.
- Interim Cease Trade Order by the Alberta Securities Commission [archive]
- "CatalX CTS Ltd. Announces Security Breach, Loss of Crypto Assets and Ongoing Investigation", press release by Catalyx [archive]
JPEX hikes withdrawal fees amidst possible collapse
"We believe that the platform will not collapse," wrote JPEX, amidst apparent collapse. JPEX is a Hong Kong crypto exchange that was advertising more than 20% APY on various staking products.
The JPEX cryptocurrency exchange was the subject of a September 13 consumer warning by the Securities and Futures Commission (SFC), who said they were promoting services to Hong Kong residents without proper licensure. The following day, attendees of the Token 2049 crypto event observed that JPEX had abandoned the booth they'd rented. Then, JPEX hiked their withdrawal fees to as high as $999, and limited withdrawals to $1,000.
According to the South China Morning Post, customers have filed at least 83 complaints about the exchange, pertaining to crypto assets priced at $4.3 million. Hong Kong police have disclosed they are investigating the firm.
JPEX released a statement that the SFC was "exerting undue pressure on our platform", and asserted that the watchdog should "bear full responsibility for undermining the prospects" of the crypto industry in the region. Later, they accused their "partnered third-party market makers" of "maliciously fr[eezing] funds". They announced that, as a result, they would be pausing their Earn product. They also suspended their platform's gaming feature.
Prime Trust halts withdrawals as acquisition falls through
The planned acquisition by BitGo of the Prime Trust crypto custodian fell through on June 22, as BitGo announced that they had "made the hard decision to terminate its acquisition" after "considerable effort and work to find a path forward". BitGo had announced its intention to acquire Prime Trust on June 8.
Shortly after BitGo's announcement, Prime Trust client Stably announced that they had received a letter from Prime Trust announcing that deposits and withdrawals would be halted. Prime Trust stated that the halt was by order of the Nevada Financial Institution Division, which had been issued the previous day.
FPG halts withdrawals after $15–20 million hack
The institutional cryptocurrency broker Floating Point Group (FPG) announced to customers on June 14 that they would be suspending all activity on their platform following a "cyber security incident" that had occurred on June 11. "While the loss at this point is still being investigated and analyzed, the number as we understand it today is between $15M-$20M in cryptocurrencies lost," they wrote on Twitter.
The group announced that they were working with "the FBI, the Department of Homeland Security, our regulators and Chainalysis" to investigate the attack. The group had previously earned SOC 2 certification for its cybersecurity controls.