Crypto card service Pyra has shut down its crypto card service following the Drift Protocol hack, which disrupted operations and affected users on the platform. The Solana-based company confirmed on June 16 that it will wind down the service after months of attempts to recover.
In a detailed post on X, the company said it is beginning an orderly closure process and is working to help users withdraw funds and manage any remaining positions. Pyra added that customer balances remain accessible, but new sign-ups have been suspended and existing cards have been deactivated.
Drift hack creates major challenges for Pyra
Pyra built its platform to connect traditional banking services with decentralized finance, allowing users to deposit crypto, earn yield through on-chain strategies and spend assets using card features.
However, its model relied heavily on DeFi infrastructure, including Drift’s trading and yield systems. The April 1 exploit at Drift Protocol created pressure across several connected projects within Solana’s DeFi ecosystem. Approximately $285 million was drained from Drift during the incident, freezing liquidity for roughly 20 exposed protocols and raising intense scrutiny over the systemic risks tied to deeply intertwined DeFi platforms.
Initially, Pyra signaled optimism. In April, the company said it was working with Drift on recovery efforts and exploring options to restore services. The company stated, “our whole team has been working flat out for the past 2 weeks to relaunch Pyra with a new lending protocol.”
Ultimately, Pyra was forced to abandon the pivot, citing the unrecoverable impact the Drift incident had on its core business model, liquidity, and user confidence.
Users receive withdrawal support during wind-down
To facilitate the transition, Pyra will launch a dedicated web portal allowing users to manage open positions and withdraw funds as it winds down operations. The company will also discontinue its mobile application during the transition.
The firm said it plans to distribute Drift recovery tokens to affected users once they become available, adding that further details will be shared after receiving updates from the Drift team.
Pyra has advised users to withdraw their funds and export private keys as soon as possible. These services will remain available through the web portal until September 15, 2026.
The shutdown adds to a series of closures across decentralized finance following security breaches and financial strain. Radiant Capital earlier this month announced a wind-down after a major exploit, while Ranger Finance and Legend also shut down operations amid market pressures.
The April Drift incident affected multiple projects within the Solana ecosystem and highlighted how issues in one protocol can spread across connected platforms.
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