The cryptocurrency payment project Pyra has shut down after being unable to recover from the Drift exploit.

BlockBeats News, June 16th, the cryptocurrency payment project Pyra announced that it will officially cease operations and enter the liquidation process, stating that after evaluating all feasible options, it ultimately failed to find a sustainable business recovery plan.

The team stated that this closure was mainly due to the previous Drift-related security incident, which had a severe impact on the business and user funds. Over the past few months, the team has tried various rebuilding and fundraising plans but has been unable to solve the ongoing operational issues.

According to the announcement, user funds can still be withdrawn normally, new user registrations have been closed, and all Pyra card services have been canceled. In the coming weeks, the company will gradually shut down the mobile app, launch a web portal for users to manage their open positions, and complete fund withdrawal operations.

Pyra also stated that after Drift resumes token distribution, it will distribute to affected users through its web portal, but the specific timing will still need further confirmation from the Drift team.

The company advised users to withdraw their funds and export their account private keys as soon as possible and stated that the withdrawal function will be maintained until at least September 15, 2026, to allow users to migrate their assets and complete the liquidation process. The official announcement emphasized that basic support services will be maintained during the transition period to assist users in completing their account processing.