Finance

GANA Payment Hit by $3.1M Exploit as Attacker Launders Funds Across Chains

2 hours ago
Bitcoin Ethereum News

GANA Payment has been hit by a major multi-million-dollar exploit on Binance Smart Chain (BSC), with more than $3.1 million drained earlier today.

The incident strikes at a critical moment for the new DeFi payment platform, which only recently entered the market with ambitions to reshape low-cost global transactions.

The breach was first exposed by on-chain investigator ZachXBT (@zachxbt), who traced the attacker’s movements in real time across BSC and Ethereum. His analysis shows a coordinated laundering process involving Tornado Cash, cross-chain bridges, and multiple holding addresses.

Attacker Drains Funds, Sends $1.04M BNB Into Tornado Cash

According to ZachXBT, the exploit began with the attacker siphoning funds from GANA Payment’s interaction contract. Shortly after the theft, the attacker moved 1,140 BNB, valued at roughly $1.04 million, directly into Tornado Cash on BSC. This immediate laundering step is consistent with the playbook used in several recent DeFi hacks.

From there, the attacker executed a bridge transfer, shifting a large portion of the stolen assets from BSC to Ethereum. Once the funds arrived on Ethereum, the hacker deposited 346.8 ETH, worth around $1.05 million, into Ethereum’s version of Tornado Cash.

This cross-chain sequence confirms the attacker had pre-planned the laundering route, using both networks to break transactional traceability.

346 ETH Still Sitting in Attacker Wallet

Even after two major Tornado Cash deposits, the attacker still holds a significant amount of stolen funds on Ethereum. According to on-chain data shared by analysts, 346 ETH, worth approximately $1.046 million, remains idle in a separate wallet controlled by the exploiter.

The stagnant balance suggests the attacker may be waiting, either for network congestion to fall, on-chain surveillance to slow, or for another opportunity to fragment the funds further.

Together, these movements indicate a multi-stage plan, not a spontaneous exploit.

A Major Setback for a New DeFi Entrant

The timing of the attack could not be worse for GANA Payment. The project had only just launched its decentralized payment framework, positioning itself as a PayFi solution designed to reduce remittance delays, lower cross-border fees, and offer merchants in emerging markets better access to financial tools.

The platform’s model focuses on integrating payment rails with DeFi infrastructure, delivering programmable transfers, verifiable transaction flows, and real-time auditing features. For many users, especially those in regions underserved by traditional banks, GANA aimed to introduce a smoother and cheaper payment alternative.

But the exploit now casts a cloud over the project’s technical security and readiness.

What GANA Payment Says: Emergency Investigation Underway

Following the attack, GANA Payment issued an urgent official announcement acknowledging the breach and activating emergency measures

According to the statement, GANA’s interaction contract was targeted by an “external attack,” leading to unauthorized asset theft. In response, the team immediately launched an emergency investigation with support from an independent third-party security firm.

The focus of the investigation includes:

  •  Identifying the attack vector
  •  Mapping all affected user addresses
  •  Assessing the scope of stolen assets
  •  Testing contract vulnerabilities
  •  Securing remaining infrastructure

GANA emphasized that updates will be shared through its official communication channels as the investigation progresses.

“We sincerely apologize for the inconvenience caused by this unexpected incident and thank you for your understanding and support,” the team wrote in its announcement.

A Full Recovery and Reboot Plan Is Coming

As part of its post-attack response, GANA Payment says it will deploy a comprehensive project reboot plan. This includes:

• A full mapping of all user asset addresses

The team will reconstruct the entire ledger of user holdings, affected balances, and contract permissions.

• A systematic evaluation of asset permissions

GANA will identify where privileges may have been abused and update permissions to prevent future exploitation.

• A detailed recovery timeline

The project plans to roll out a structured process for asset restoration, with precise steps and deadlines for users.

• A commitment to safeguarding user funds

The team says protecting user assets remains the top priority, even if the recovery timeline takes time.

These steps suggest GANA aims not only to repair damage but also to realign its infrastructure and regain user trust.

Why the Attack Matters for the PayFi Sector

The GANA breach highlights a growing challenge across the PayFi landscape, integrating payments with DeFi features introduces additional attack surfaces. Platforms attempting to merge programmable transfers with real-time financial flows must manage elevated complexity and higher security requirements.

Because PayFi platforms handle real user payments, merchant transactions, fees, and cross-border flows, attacks like this can disrupt both DeFi participants and people relying on decentralized tools for essential financial access.

GANA’s model, which links smart-contract logic to payment routing, puts it in a category where attacks have broader implications than a typical DeFi staking pool or yield farm.

The method used by the attacker, exploit, move, bridge, mix, has become increasingly common across the DeFi ecosystem. But what stands out here is the speed and precision of the laundering sequence. Moving $3.1M across networks and into mixers within hours reduces the possibility of freezing assets or blocking their movement.

Tornado Cash remains a core laundering tool despite sanctions, regulatory pressure, and infrastructure blocks. Attackers continue using the mixer because it provides highly effective transaction obfuscation, especially when combined with cross-chain mobility.

The GANA breach reinforces a trend: as DeFi and payment networks grow more intertwined, attackers are adapting with faster, more sophisticated fund-movement strategies.

What Comes Next for GANA Payment

For now, the platform faces three immediate priorities:

1. Redesigning the exploited contract architecture

2. Communicating a clear recovery and compensation plan

3. Reassuring early adopters that their funds and permissions will be restored

The attack is a serious blow for a new entrant positioning itself as a next-generation payment infrastructure. But the team’s commitment to a full reboot plan, independent audits, and real-time updates offers a path forward, provided the project can execute quickly and transparently.

GANA says further announcements will follow once the investigation reaches its next stage.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/gana-payment-hit-by-3-1m-exploit-as-attacker-launders-funds-across-chains/