Crypto card provider Pyra is shutting down after the April hack on Drift left the company unable to find a viable path forward. Pyra said on X on June 16 that it had reviewed every option and decided to wind down operations, calling the fallout from the attack devastating for both the business and its users.
The decision lands with real consequences for customers. New sign-ups are closed, existing Pyra cards have been canceled and the mobile app will be retired. Users can still withdraw balances, but the company is moving to an orderly shutdown rather than trying to rebuild the service.
Pyra said it will keep a web portal open so current users can manage open positions and pull out funds. That portal will also be the channel for any future distribution of Drift recovery tokens, if Drift follows through with that plan. The company said it has no timetable yet and will wait for further details from the Drift team before saying more.
The Drift exploit was one of the larger DeFi blows of the year. Users of the protocol lost about $295 million, and Drift has since said it is working on recovery tokens for affected users. Pyra did not say how much of its own business was hit, but the message was plain enough: months of searching for a sustainable fix came up empty.
Users have until Sept. 15, 2026 to withdraw funds and export private keys through the web portal, Pyra said. That date now stands out as the key deadline to watch. Any update from Drift on recovery tokens, or any delay in the shutdown process, will shape how much value Pyra customers ultimately recover.
Pyra to shut down after Drift hack wrecks business
Pyra crypto card service is shutting down due to the severe impact of the Drift DeFi hack which caused significant losses. The company will support users in withdrawing funds and distributing any issued recovery tokens through a web portal.