bence
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Update on the Drift hack’s impact on Pyra:
Over the past two weeks, we’ve been engaging directly with the Drift team about their recovery plan and how it affects Pyra users. While public information from Drift has been limited, we expect their full plan to be released this week.
We are fully committed to doing everything within our control to improve the situation for Pyra users, regardless of Drift’s final recovery measures, and we’ll be able to share more specifics here soon.
Many of you have been asking when the Pyra app will be back online - our whole team has been working flat out for the past 2 weeks to relaunch Pyra with a new lending protocol.
USDC spending will be live in the next few days, with other assets and loans relaunching next week. Pyra’s mission and long-term vision remain the same: We will bring about financial freedom through asset-based banking. More info soon.
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We are in direct contact with the Drift team and are monitoring their resolution and recovery process. We'll provide updates as we get them.
At the time of Drift's exploit, Pyra users had $811k of collateral and $260k of loans in Drift, for a net TVL of $551k.
A small portion of funds ($7.5k) were held outside of Drift, and these have been moved to the private keys of users they belong to, exportable in the Pyra app.
Balances displayed in the Pyra app are what’s owed to users by Drift’s ledger, not what tokens actually remain in the lending pool.
Next steps:
- Any recovery of funds (or other resolution) from Drift will be distributed as soon as possible. We are waiting to learn more from the Drift team regarding this.
- Until then, all deposits/withdrawals/swaps and card spend on Pyra remain suspended.
- We are actively working on getting back online with a new lending protocol.
- We’re exploring what we can to improve the situation on our end for Pyra users, and are committed to full transparency throughout this whole process.
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