DeFi Protocol Pyra to Cease Operations Due to Drift Security Incident

On June 16, the DeFi protocol Pyra announced on platform X that it will cease operations and gradually shut down. The platform stated that its business and users have been severely impacted by the Drift security incident. Despite attempts over the past few months to find a sustainable path forward, they have been unsuccessful. Currently, all user balances are still withdrawable, but new user registrations have been halted, and existing Pyra cards have been canceled. Pyra will launch a web portal in the coming weeks for existing users to manage positions and withdraw funds, while the mobile application will be shut down. Once Drift resumes token listings, Pyra will distribute to affected users through the web portal. Pyra advises users to withdraw funds and export account private keys as soon as possible; this functionality will remain available until September 15, 2026.