Crypto Payments Platform Pyra to Shutter Following Drift Exploit

The platform officially halted new user registrations and deactivated all existing payment cards on June 15. While the mobile application is slated for decommissioning, Pyra is launching a dedicated web portal to manage the final transition. This interface will allow customers to withdraw remaining balances, export private keys, and claim future recovery tokens issued by the Drift Protocol, though a specific timeline for those distributions remains unconfirmed.

Users have until September 15, 2026, to clear their accounts and secure their assets. Pyra stated that support channels will remain operational throughout this period to assist with the offboarding process. The collapse mirrors a broader trend in the digital asset sector, where protocols such as Carrot have similarly shuttered operations due to lasting losses tied to the same Drift exploit. By closing its doors, Pyra joins a growing list of startups unable to overcome the combined pressures of security incidents and the challenge of establishing sustainable, long-term business models.