Polymarket hit with with hack as user funds stolen
Crypto-based prediction market Polymarket has been hit with a major hack as hundreds of users report thefts from their wallets.
News of the hack, the cause of which has not at the time of writing been confirmed, broke late on Thursday evening (Oct. 29), with
CNBC reporting
that at least 2.7 million dollars of currency had been extracted from over 700 wallets.
The hack, which caused the
prediction market
to halt trading for around an hour on Thursday, is suspected to be part of a larger breach of crypto currency which has affected multiple platforms over the past day.
Polymarket hack drains hundreds of wallets amid crypto breach
Users first reported their wallets being compromised at around 3pm ET, with
Polymarket
responding shortly after. In a Discord used by Polymarket traders, the platform reportedly told users that less than $10,000 taken from their wallets will have funds restored by Oct. 30, while those with larger amounts will need to contact the company and give additional details.
“We’ll make this right and are fully reimbursing all affected traders,” stated Polymarket in a post on X/Twitter on Thursday evening.
Multiple sites had speculated that the root cause of the hack was a breach of the U.K.-based performance-monitoring platform DebugBear, with Polymarket referring the matter to the country’s law enforcement.
Others have speculated the incident is linked to a similar hack of crypto firm Binance, which has faced a huge and reportedly on-going breach with a reported $6.3 billion in crypto currency being stolen across multiple coins and chains.
This hack, which
The Guardian reported
was perpetrated by North Korean threat actors, has seemingly been traced to a single Binance engineer’s laptop.
In a statement Binance attempted to settle fears in a statement to press on the morning of Oct. 30: “Rest assured that user funds are completely safe.” The same statement promised refunds for those affected.
Alongside the hacks, the multiple breaches across crypto platforms have reportedly caused a massive liquidation of crypto, with some reporting that around 1.6 billion dollars has been liquidated and withdrawn from crypto in the last 24 hours.
The hack of Polymarket comes amid a huge surge in activity and trading on the platform, and indeed
all prediction markets, during the U.S. midterm elections.
Featured Image Credit: Polymarket
Michael Hassall
About Michael Hassall
Michael is a eight-year veteran of the games writing space, but has being playing them for as long as he can remember. With bylines across the internet, he’s used his expertise to cover esports, prediction markets, mainstream gaming, streamers, and more besides.
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