Polymarket breached

[Perfectbaby]

Just as we do say "not your key not your coin" similar thing are applicable with gambling sites and we should be that careful while using gambling site as anything could likely happen and we lose our heart earned winning from the gambling site. This is another reason why it's good to always withdraw our funds from gambling site, especially to those who loves accumulating their winning to some certain amounts before they could get it withdrawn from that gambling site. Usually what happened is that, when gambling in such market they felt so much reliable without knowing that anything could likely happen when accessing the gambling site.

[Fiatless]

I saw this coming but I was skeptical about it, I thought polymarket won't allow this to happen since they will be very conscious of their security following what has happened to other casinos in the past. Why I'm not surprised is because, starting from when polymarket became popular and has become very rich, they automatically become a target for the hackers that has been stealing from different company. Our people should also learn from this one, keeping money on betting site is not good.

You saw it coming? This breach came from a third service provider. These hackers are developing more sophisticated means of stealing from different organizations, so it could happen to any organization. That's why we shouldn't use these platforms like banks or wallets where we keep funds. Polymarket is not a casino but a prediction site.     

[Satofan44]

Not good to leave money on a gambling site or a prediction market.

It is not a good idea to leave money on any kind of website, yet most of the people in this section do it. Don't single out gambling website or prediction markets when it is not appropriate to do so.

I’m certain the hack affected more users than it is being reported by the casino. At this point, scammers  will be on the lookout for polymarket victims to offer them promises of getting their money back. People often fall victim to these “recovery scammers” who are just as bad as the original scammers.

While true, this second part is not an issue that relates to Polymarket. It is an issue that relates to the stupidity of the average human. Blame the humans, you know many of them.

I have been using polymarket quite a lot recently and I can confirm that they have been total crap recently due to polygon issues which is why I am not surprised at all to hear about these hacks. Saw some users complaining about them in their discord too.

This is one area where centralized sites are usually better than decentralised sites in my opinion. Careful people!

Your conclusion is false, be careful with general lies. Centralized services in total have no advantages over decentralized ones except individual points. All options come with their downsides, however when compared in its totality the decentralized one is always the right pick. Stop being a slave of the system. When centralized systems get hacked it is often hidden from the public if it is possible. In decentralized systems this is often not possible at all due to their inherent transparency. Enough with your addiction to trust-based systems.

I saw this coming but I was skeptical about it, I thought polymarket won't allow this to happen since they will be very conscious of their security following what has happened to other casinos in the past. Why I'm not surprised is because, starting from when polymarket became popular and has become very rich, they automatically become a target for the hackers that has been stealing from different company. Our people should also learn from this one, keeping money on betting site is not good.

You saw it coming?

He didn't see shit coming, he's making it up and comparing random speculative thoughts to foresight. 

This breach came from a third service provider. These hackers are developing more sophisticated means of stealing from different organizations, so it could happen to any organization. That's why we shouldn't use these platforms like banks or wallets where we keep funds. Polymarket is not a casino but a prediction site.     

Yes, these days there are attacks from every conceivable angle. Decentralized structures require even more defensive measures as the losses could be irrecoverable. However those that are not run by greedy individuals should be able to survive even a major breach.

[mrust_mobile]

Getting your money stolen is bad but there is a bigger potential threat and that is called “identity theft”. Check out GazetaBitcoin’s topic to see what can possibly happen when the hackers steal your private information.

What happens when your identity is stolen -- real story || Avoid CEXs!

This shit is no joke. You can make money back but if your private information gets stolen, that’s an irreversible path.

I think I can deal with stolen coins more than having my identity stolen. We never really know what criminals might do with someone’s identity. One day you might be surprised to find your name somehow linked to a crime you had nothing to do with.

Polymarket isn’t a regulated prediction market anyway, right? So I don’t think identity theft is the main risk here. What was reported is that some user accounts got compromised and their balances were drained. That’s bad, but it would be way worse if this kind of hack happened in a casino where they actually store KYC data.

Well, it was a more of a general warning than a polymarket specific one. If people can lose their coins to the hackers, they can definitely lose their private information to them as well. The scarier part is that sometimes you won’t even know if your private information is being sold on the black market. Years ago binance had a hack like that. People had their private info stolen. That includes their selfie photos, id/passport scans as well. These people will only feel the pain when a scammer decides to use their information to do something criminal. It is not like losing money and immediately noticing it.

Protection is easy. Don’t put more than a few hundred bucks on an exchange and don’t give your passport scans to every exchange/casino that asks it from you. If you really have to, pick one exchange/casino and stick with them.

[$crypto$]

This is really funny,  I wonder why some gambler will take the risk of leaving money in a gambling platform especially reasonable amount of money. The user that was affected according to then aren't much but this doesn't change the fact that money was lost by those user regardless of how small the people that lost money maybe. I don't see the need for laying the blame on a third party, the platform never prioritised user security and privacy. I would never keep money especially reasonable amount in a gambling platform for a long time.

Because they are active gamblers every day so they keep money in their casino account, it's impossible for them to withdraw every day and then deposit again this is a bit complicated --- the same thing you trade every day will definitely leave money on the exchange.

Still it won't work, there are always loopholes where vulnerabilities will be targeted by hackers seeing this, I don't know what the total amount of loss is, they are asking for a small number of affected users.

[yhiaali3]

It goes without saying that it's never a good idea to leave money on a gambling site or a prediction market; it's no different than leaving money in centralized exchanges or central banks.

These sites are always targets for hackers because they know they hold a lot of money, and they'll keep trying until they finally succeed. Hackers have developed their methods and become adept at finding vulnerabilities, while developers don't put in enough effort to search for and fix security flaws.

So far, Polymarket has acknowledged a security vulnerability related to an external authentication provider (Magic Labs) and confirmed that it has contacted affected users. But has it officially announced that it will refund or compensate affected users?

[Crypto Library]

I think this issue is not only happening with Polymarket but other platforms that use that third party platform are facing similar issues. I don't know but a few days ago I got a similar message from stake casino that their users' data was breached due to a weakness in the third party provider they used.
It seems to me that with the increasing number of data breaches happening, we should be turning on two-step verification on every platform right now. I was able to save one of my own accounts just by having two-factor authentication.

[Cryptomultiplier]

It seems these days one can't really be safe from issues such as this breach or scams or hacks because of how porous the online gambling is, and it is these breaches that enable better methods of security to be adopted in the end.
However, it is still a safe practice to avoid leaving funds on a hot wallet especially when it comes to online gambling platforms that are still gaining ground in the world at present.

[Mrbluntzy]

Hi !

I woke up this morning and saw that someone had also tried to hack my X account. Looks like scammers get more active around Christmas, probably thinking players have a lot of money in their accounts. I feel really sorry for the Polymarket users who were affected and hope the company fully compensates them for the losses. 

There's no time they don't operate, scammers don't have season that they are very active, once they target someone, they will continue plotting and looking for any slight mistake that will give them full access to your account. They probably have been targeting accounts of players using polymarket and just when they have full access was when they striked.

[Haunebu]

Your conclusion is false, be careful with general lies. Centralized services in total have no advantages over decentralized ones except individual points. All options come with their downsides, however when compared in its totality the decentralized one is always the right pick. Stop being a slave of the system. When centralized systems get hacked it is often hidden from the public if it is possible. In decentralized systems this is often not possible at all due to their inherent transparency. Enough with your addiction to trust-based systems.

Polymarket is decentralized only to a certain extent dumdum. It started off as a fully decentralized site, but is now a hybrid where it's decentralized to a certain extent and centralized to a certain extent(Primarily for Americans) thanks to regulations basically.

Go do your research properly before acting like a glorified rebel dumdum.

[giammangiato]

A system is only as strong as its weakest link. When we add "third parties" and other wallet integrations in we are opening up more possible weak links that can lead to a breach. Rather than saying they will reach out to users, better to say all funds lost will be fully compensated for. Would not be a good look to want to reach an agreement if the breach was due to a fault on their system.

Not good to leave money on a gambling site or a prediction market.

Not good to leave your money outside cold storage.
Only have spare amounts in your hot wallets and send even less for gambling and other like activities. Important to gamble responsibly too.

This could be a great solution, but the platform must have two high priorities: number 1, insurance that can cover significant damages, because one account hits one user, one account hits thousands of users, and having enough liquidity to compensate is truly difficult.
The second thing it could adopt is a rule where if you hold more than a certain amount of stability in your account, the platform does not respond to compensation beyond a certain limit. Perhaps this could be useful in instructing users not to use casinos as a deposit account?

[Youngrebel]

Not good to leave money on a gambling site or a prediction market.

Yes. I agree with you. If the gambler want to gamble, he should deposit and use the funds to play gamble at once and if he must keep funds to play games layer in the.day.or week, he should budget it and only the little amount should be there so that if anything happens in the casino or the prediction site, it would not pain him again since it is not big money. Always deposit money that we can afford to lose.

[promise444c5]

I wonder if the people who were affected by this hack got compensated.

The support did say they will replenish those affected:
Found this on a Reddit follow-up : https://www.reddit.com/r/PolymarketTrading/comments/1psoqr3/comment/nvohouc/?context=3
But they haven’t made any announcements  publicly regarding any compensation for the affected  individuals.
It’s on them anyways so they definitely have to compensate affected even if not completely returning the lost funds.. (imo). Unless they had it in their TOS  but even with that, victims might want to take legal actions if nothing is being done (I guess).

[Yaunfitda]

Not good to leave money on a gambling site or a prediction market.

I think we all know that any crypto related services there is a big risk to leave your money there as there are vulnerabilities that that hackers can take advantage of. However, this is the first time that we have heard that Polymarket has been breached, so this is the scary part for them. Maybe they thought that they will not be a target from criminals groups and so their system might not be tested. But now, it's very different, if they wanted to stay in the game, they might need to tighten everything, from their customers accounts thru phishing links and their system itself. I'm not sure though that their customers might stop using them or moved to a competitor. They are a prime mover on this kind of prediction market. They will just need to be stable again and maybe hire some 3rd party to make sure that this won't happen again.

[Joy_learns_crypto]

Stake was compromised by their third party, Polymarket is breached because of some fault from their third party affiliation, and the clients information and account will have to face the agony of the situation.
Third parties affiliates to gambling sites should not be loosed from their end, It will be astonishing if they aren’t liable for damages caused.

[cryptomaniac_xxx]

Stake was compromised by their third party, Polymarket is breached because of some fault from their third party affiliation, and the clients information and account will have to face the agony of the situation.
Third parties affiliates to gambling sites should not be loosed from their end, It will be astonishing if they aren’t liable for damages caused.

They should be liable, but even this 3rd party can also be breached by this hackers. There are no safe system once you connect everything, and that is the scary part. So it's very hard for us to really be off-grid.

But at the end of the day, there should be liability for this 3rd party services. And it's good if they are going to compensate those who lost money in their platform. This is re-assuring their members because it will be bad for Polymarket's image to not pay because it's their fault that their system has been cracked now.

[pawel7777]

(...) Not good to leave money on a gambling site or a prediction market.

That's right. Especially now, when most of the sites would allow you to quickly connect or transact with your crypto wallet, including browser wallets. And if you use a network with cheap gas fees, there's really no excuse to keep any funds on such sites. It's best just to deposit when needed and withdraw at the end of a session. Of course sometimes you would have outstanding winnings to withdraw, but, other than that, there's no reason to treat such sites as wallets.

As for Polymarket, I don't know if it's just me, but it was very often buggy for me, sometimes logging in could take several attempts, or placing bets was massively delayed etc.

[Judith87403]

This very incident showcases a difficult lesson a lot of users continue to learn the painful way. Even if a platform on it's own isn't hacked directly, services from third party may turn weak links. Providers of authentication and wallet integration grows convenience, yet they equally expand the surface of attack.

The aspect that is worrying is users that are affected didn't do anything outrightly wrong. No phishing clicks, devices are not compromised, still funds were exhausted. Which takes away the normal user error excuse and place the spotlight on risk systemically.

Markets on prediction and platforms on gambling are high value targets. Allowing funds parked there implies believing on not only the platform, but each external service which it depends on. The best method is still simple: just what you are seriously using on that platforms, promptly withdraw profits, and stay away from treating them as if they are wallets or banks. To be at convenience can never be exchanged for custody.

[SirLancelot]

I woke up this morning and saw that someone had also tried to hack my X account. Looks like scammers get more active around Christmas, probably thinking players have a lot of money in their accounts. I feel really sorry for the Polymarket users who were affected and hope the company fully compensates them for the losses. 

Yeah, that would be the reason for their activity, although they are also active at most/any time. I remember seeing an email that someone tries to access my X/Twitter account. I put Twitter because I think it started occurring even before the platform change its name to X. Strange, because I expect the platform to be much strict than its other counter parts like Facebook and Instagram. Other users confirmed that not all or many are affected in the breached, and Polymarket as a big player already can surely compensate them .

[sunsilk]

Not good to leave money on a gambling site or a prediction market.

It's never been but we'll always still see people leaving their money there. If it's just a couple of bucks that's intended for gambling, they're probably okay with that.

And won't mind if something wrong happens to them. But those with thousands and hundreds in there, they're for sure are going to dislike it when something bad happens to their accounts.

I woke up this morning and saw that someone had also tried to hack my X account. Looks like scammers get more active around Christmas, probably thinking players have a lot of money in their accounts. I feel really sorry for the Polymarket users who were affected and hope the company fully compensates them for the losses. 

These scammers and hackers never stop and they don't choose any season.

Although it's true that most people have more money this season of holidays and that's why they're more active and doing things double time.