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Polymarket CEO Brushed Off Massive Fraud Wave, WSJ Reports
Checkout.com rejected more than 80% of deposits during the February fraud wave, far above the roughly 1% industry rate, the Journal reported.
- Fraudsters used stolen debit cards on Polymarket US in February to attempt at least $10 million in illicit withdrawals and wagers, connecting the cards to thousands of accounts to move funds through trading.
- Polymarket CEO Shayne Coplan allegedly responded to staff concerns about the fraud surge by saying, "Just keep growing and pay a fine if regulators ever find out."
- Payment processor Checkout rejected more than 80% of deposits as fraudulent at the peak, far exceeding the industry average of roughly 1%, prompting Polymarket to limit debit card connections and hire Riskified.
- The Commodity Futures Trading Commission is investigating the fraud incident, while the House Committee on Oversight and Government Reform has requested records on suspicious activity and identity verification procedures.
- Polymarket recently named Warren Jenson its first chief financial officer as the company seeks roughly $1 billion in capital at a valuation near $21 billion, signaling preparation for potential public listing.
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Coverage Details
Total News Sources26
Leaning Left2Leaning Right1Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 29%
C 57%
14%
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