Polymarket Halted International Trading After Hackers Drained Accounts
An anonymous reader quotes a report from Wired: Trading has resumed on Polymarket's flagship international platform after a hack that drained money from the wallets of some traders. A third-party vendor based in the United Kingdom was breached, not the prediction market's website itself. Law enforcement in the UK have been notified of the incident, the company said. Trading was initially paused…
Polymarket, a cryptocurrency-based prediction market, temporarily suspended trading on its international platform following a successful hack that drained funds from traders' wallets. The breach was traced back to a third-party vendor based in the United Kingdom, rather than the Polymarket website itself. The UK's law enforcement agencies have been informed about the incident.
Initially, trading was paused for several hours while the company conducted an investigation. Prominent traders on the platform expressed their concern over potential financial losses. Blockchain analytics firm Bubblemaps reported that approximately 700 users may have been affected by the hack, with roughly $2.7 million stolen. Polymarket, however, has not disclosed the exact number of traders impacted or the total amount of money lost.
The company has assured that it will refund any affected traders. The hack did not affect Polymarket's US platform, which is a federally regulated financial exchange. Polymarket operates two separate prediction markets: the international platform and a US-based platform. This is not the first time Polymarket traders have faced such losses.
In June, a similar attack on a vendor compromise drained nearly $3 million from at least 11 user wallets through an injected frontend script, as reported by StartupFortune.
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