Polymarket Halts Trading After $2.65 Million Breach, Probes Suspicious Israeli Election Bets
Polymarket suspended new buy and sell orders and paused its relayer after what it called a third-party breach, according to CoinDesk and The Block. The platform placed its exchange in cancel-only mode, meaning existing orders can still be canceled but no new trades can be placed, The Defiant and The Block reported.
The Block said more than After over $2.5 million was lost within minutes on Polymarket, the platform said it has since placed its exchange in cancel-only mode.
was lost within minutes of the exploit. Decrypt reported that a suspected attacker wallet holds about A suspected attacker wallet holds about $2.65 million in POL, per Arkham data.
in POL, citing Arkham data. The Defiant reported that one trader said their account was drained of A trader reported an $800,000 account drain.
Separately, Polymarket is investigating suspicious trading activity tied to Israeli elections, The Defiant reported, citing Bloomberg. Some accounts collectively cashed out more than Some accounts collectively cashed out more than $100,000, Bloomberg reported.
from the suspect positions, according to Bloomberg’s reporting. Polymarket’s rules permit it to ban wallets, pursue legal action, or refer cases to law enforcement, The Defiant noted.
It is not clear from available reporting whether the election-trading probe and the breach that triggered the trading halt are connected.
Sources: The Defiant, Decrypt, CoinDesk, The Block
This article is for information only and is not financial advice.
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