Pyra Shuts Down Crypto Card Services Amid Ongoing Drift Protocol Fallout

Crypto card service Pyra has shut down its operations following the Drift Protocol hack in April, which disrupted its business model and affected users on the platform. The Solana-based company confirmed that it would wind down the service after months of attempts to recover from the $285 million loss.

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, which were compromised in the April 1 exploit.

The company will launch a dedicated web portal for users to manage open positions and withdraw funds as it winds down operations. Pyra will also discontinue its mobile application during the transition. The firm plans to distribute Drift recovery tokens to affected users once they become available.