Polymarket confirms user funds stolen in third-party vendor breach

While Polymarket spokesperson Connor Brandi acknowledged that funds were siphoned from user wallets, the company has declined to disclose the total number of victims or the specific mechanics of the exploit. Industry observers suggest the scope is significant; blockchain monitoring firm PeckShield identified a coordinated phishing campaign linked to the breach, estimating losses at approximately $3 million. Independent blockchain analysts tracking the wallet activity noted that at least 11 individuals have already reported unauthorized withdrawals.

This security failure compounds a difficult week for the platform. Investigators recently uncovered a scheme where the company paid online influencers to circulate deceptive videos depicting fabricated betting wins. Following that disclosure, leadership pledged to audit their promotional practices. The company now faces the more immediate challenge of verifying the extent of the financial damage while attempting to stabilize its reputation among a user base already wary of the platform’s transparency.