Polymarket Pauses Trading After Some Users Report Funds Drained
Traders who lost money on the incident will be ‘made whole,’ the prediction-markets platform said.
Polymarket, a prediction markets platform, abruptly halted trading on Thursday following reports that one of its third-party providers had been compromised. The prediction markets company disclosed that its Predictions Trading API had suffered a "major outage," leading to the temporary suspension of trading activities. In a Thursday update to its status page, Polymarket reported that it had entered "cancel-only" mode, indicating that the issue had been identified and resolved.
As of 7:05 pm UTC, Polymarket confirmed that all its systems were fully operational. The company assured affected users that any losses would be covered. The trading suspension came amid allegations from several users who claimed their Polymarket accounts had been emptied of thousands of dollars without their consent, as their positions were sold without their approval.
Polymarket stated that it had referred the matter to relevant law enforcement authorities following the third-party provider compromise. The situation remains under investigation, and further details are expected to emerge as the story develops.
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- Polymarket suspended trading amid reports of user funds being drained cointelegraph.com
