Report: Polymarket Ignored Warnings During $10M Fraud Attack

Polymarket Faces Alleged $10M Stolen-Card Fraud; CFTC Said to Investigate

Polymarket US, the federally regulated prediction market operated by QCX LLC, became the target of a stolen debit-card scheme in February that involved at least $10 million in attempted illicit withdrawals and wagers, according to a Sept. 19 report by The Wall Street Journal. The $10 million figure refers to the attempted movement of funds rather than a confirmed loss suffered by customers or the company, the Journal reported. Criminals allegedl…

Report: Polymarket Ignored Warnings During $10M Fraud Attack

Bad actors targeted Polymarket’s U.S. platform in a $10 million fraud scheme using stolen debit cards, pushing payment processor Checkout.com to reject over 80% of deposits as fraudulent. High Rejection Rates Trigger Payment Processor Crackdown Prediction-market startup Polymarket faces accusations of prioritizing user expansion and aggressive growth over compliance safeguards when bad actors targeted its […]

Stolen-Card Fraud Hits Polymarket

Polymarket's U.S. app was hit by stolen-card fraud, as attackers tried to siphon at least $10 million before controls tightened on the platform.