Polymarket Just Can’t Stop Getting Hacked Over and Over Again
When will it stop? The post Polymarket Just Can’t Stop Getting Hacked Over and Over Again appeared first on Futurism .
Polymarket, a prediction market platform, has found itself repeatedly victimized by cyberattacks. The latest incident forced the company to halt trading temporarily, with hackers siphoning off $2.6 million from approximately 700 traders. Polymarket has not disclosed the exact number of affected users but assured it will compensate for the lost funds.
This is not the first time Polymarket has fallen prey to a security breach. In June, a phishing attack resulted in $3.1 million being stolen from around a dozen user wallets. The company also allegedly faced an attempt to manipulate the outcome of a bet on Ukraine's mineral rights last year. The cause of the most recent breach, revealed by the Wall Street Journal, is a flaw in DebugBear, a third-party website performance monitoring and debugging tool utilized by Polymarket.
The platform's website is currently unavailable, displaying a DNS error. DebugBear noted that it had been "impacted by an ongoing security incident" and advised users to remove its tool's embed code from their websites. Polymarket has since fixed an issue related to the third-party vendor and promised to "make whole" the impacted traders.
Beyond the issue of repeated hacking, the platform has also been plagued by scams and insider trading. Scammers reportedly created accounts using stolen debit cards on Polymarket's US platform to launder money. At one point, a debit card transaction processor flagged over 80 percent of Polymarket's transactions as fraudulent, with the launderers attempting to make off with nearly $10 million.
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