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defi
Unbacked mints: five 2026 incidents, one question the code forgot to ask
Liquid, NEAR Intents, Meter, Symbiosis and Payy failed in different ways this autumn. In each, the system created a claim on real money without checking that real money stood behind it. A look at the common pattern, drawn from the projects' own accounts, and the controls that would have limited it.
Published 3h ago
defi
Payy's bridge paid out $1.9M after its verifier accepted a forged proof
On 24 September 2026 Payy's Ethereum bridge released about 1.92M USDC against a burn that never happened. Payy's post-mortem says an invalid proof got through its Noir and Barretenberg verifier. The network was paused, and a user claims process has been promised but not yet published.
Published 4h ago