Pyra to Shut Down, Citing Fallout From Drift Hack

Crypto card service Pyra has decided to shut down, saying the Drift hack dealt a severe blow to its business and users and left it unable to find a way to continue operating.

Pyra said on X, formerly Twitter, on June 16 that it had made the difficult decision to wind down the company and end operations after reviewing all possible paths forward.

The company said the Drift hack had a devastating impact on both its business and users. Over the past several months, it explored ways to keep operating but was ultimately unable to find a sustainable path.

The Drift hack was a major DeFi attack that took place in April. Users of the Drift protocol suffered about $295 million in losses, and Drift has since been pursuing a plan to issue recovery tokens to affected users.

Pyra said it will focus on an orderly shutdown and supporting users through the process. While calling the outcome disappointing, it said its priority is to carry out the wind-down in an orderly manner and assist users.

New sign-ups have been suspended, and all existing Pyra cards have been canceled. Users can still withdraw their balances. Pyra plans to provide a web portal that will allow existing users to manage open positions and withdraw funds. The mobile app will be discontinued.

If Drift recovery tokens are issued, Pyra plans to distribute them through the web portal to affected users. It said there is no timeline yet and that it will share more details once it receives information from the Drift team.

Users were advised to withdraw funds and export the private keys for their Pyra accounts. Pyra said those functions will be available through the web portal until Sept. 15, 2026.