Prediction market Polymarket said its international platform is experiencing an outage after a hack of an unnamed third-party provider, and it halted trading there. Traders reported unauthorized withdrawals from their accounts on Thursday afternoon; the company said it fixed the issue on its end and trading will resume at 3:00 p.m. ET. Polymarket said it will make whole any affected wallets and has referred the matter to U.K. law enforcement, since the provider operates in the U.K., while its domestic U.S. exchange ran normally. The international exchange runs as a decentralized finance platform on the Polygon blockchain and is not regulated in the U.S., and the disruption comes just days before the U.S. midterm elections on Nov. 3, when volumes are expected to rise.
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- Polymarket suspends trading after third-party breach leads to user losses
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Polymarket switched its exchange to cancel-only mode and paused relayer actions after users reported funds withdrawn from their accounts without permission. Arkham data shows a wallet flagged as the suspected attacker's holds about $2.65 million in POL after multiple USDC.e-to-POL swaps through Relay. Hudson Rock says a script loaded from DebugBear contains wallet-draining code that hard-codes the same address as its fallback recipient, though it has not determined how the compromise began or how many users were affected. Polymarket confirmed that a third-party provider was compromised, referred the matter to law enforcement, and said anyone affected would be made whole. One trader said he was drained of $800,000 and a friend lost around $600,000, and the article recalls earlier incidents involving roughly $700,000 and about $3 million.
- Polymarket suspended trading amid reports of user funds being drained
Prediction markets platform Polymarket halted trading on Thursday after reporting that one of its third-party providers had been compromised, causing a “major outage” in its Predictions Trading API. The platform moved into “cancel-only” mode while it fixed the issue, and its latest status update said all systems were operational. Polymarket said it had referred the matter to relevant law enforcement and that anyone affected will be made whole. Meanwhile, several users claimed online that their accounts had been drained of thousands of dollars after their positions were sold without consent. The story is developing, and more information will be added as it becomes available.
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Polymarket CEO Shayne Coplan said at the TOKEN2049 conference in Singapore on Oct. 7 that the company is considering issuing an “on-chain asset” tied to its economics. According to Bloomberg, the prediction market was valued at $21 billion in August 2026, but no token, launch date or tokenomics details have been announced. Polymarket’s existing crypto protocol generated $137.5 million in revenue over the 12 months ending Oct. 26. The article outlines two options: tokenized equity, which would still face securities rules since SEC staff said in January 2026 that such shares remain equity securities, or a native token not backed by equity, which could follow Hyperliquid’s model of using most protocol fees for buybacks. It lists factors to check, including the value-capture mechanism, insider supply that could be sold later, and listing venues, noting Polymarket’s international site excludes U.S. residents.
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