Polymarket breached

[EluguHcman]

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

Yeah and those who had not been victim to this kind of incident or related inappropriate missing fund in their wallets or platforms like that of poly market may always agree to it that leaving their funds in the platforms is risky which is true all because, they have not be a victim.

Well... Operating in a safe platforms is always the best step to curb issues like that. We also have to be aware that even a minute is enough for scammers to invade your account and steal your funds as not there's vulnerability.
But it is also good to take concious measures by not keeping our funds in any untrusted platforms for too long.

[Akbarkoe]

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.

Or it could be done by the same perpetrator, this is also very possible and they use these two methods to cheat even more, it is easy for them to do this kind of thing, let alone know which of their victims are in the attack activity.
There is no advice to keep money in a casino wallet, it is very dangerous, I did it only the amount was no more than $20 and I was ready to lose that money, but for other people maybe the amount could be greater than the amount of money I usually save, so it is better not to save at the casino at all

[Furious 7]

Conditions like this are inevitable because this time Polymarket can actually be a target when those who are not responsible want to benefit instantly and this condition occurs, no matter how strong their protection the fraudsters will always find ways and take advantage of the situation.

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

I agree with this but it is true that the bigger players sometimes use this as their stash where polymarkets are clearly an option for now but with the vulnerabilities that exist, the risk is ultimately high for now.
Hopefully those affected by this issue will get their due and polymarket can resolve this quickly.

[adultcrypto]

It was reported by Polymarket that small number of their users were affected and that it has been resolved. The users reported  suspicious activity on their accounts.

The breach was caused by a vulnerability introduced by a third-party authentication provider.

This is one good reason it is not good to keep money in gambling sites or other platforms unless the money is tj be used for gambling. I have learnt to withdraw all my money and leave that which I'm using to gamble only, to reduce the risk of losing money or making rash gambling decisions if you have too much money on the platform. Glad the issue is resolved immediately because Polymarket is an emerging platform that is somehow making gambling less bad in the eyes of people

[KTChampions]

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.

There are also those who, in response to the news, begin offering those who haven't yet been hacked "protection" and the transfer of funds to a "safe" account. It's ironic that despite all the technical problems, the human factor remains the biggest vulnerability, and it seems impossible to combat it. Telephone scams in every country seem to have reached incredible proportions. In my country, this has become such a problem that banks prefer to block regular p2p transfers for 24 hours or even a week because the probability that it is a fraudulent transfer is already approaching 50%.

[MRY]

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.

There are also those who, in response to the news, begin offering those who haven't yet been hacked "protection" and the transfer of funds to a "safe" account. It's ironic that despite all the technical problems, the human factor remains the biggest vulnerability, and it seems impossible to combat it. Telephone scams in every country seem to have reached incredible proportions. In my country, this has become such a problem that banks prefer to block regular p2p transfers for 24 hours or even a week because the probability that it is a fraudulent transfer is already approaching 50%.

Human vulnerability is another type of vulnerability that is commonly utilised by cybercriminals in the present time. Despite the fact that the security technology is now developing at a high rate, we should watch out of the use of psychology where they make us think we are safe when this is not the case. In my opinion, the policy of banks that restrict the transactions is the emergency to avoid the tragic loss of assets. There should be straightforwardness and transparency in order not to fall easily into more advanced schemes of fraud which affect the economy in general.

[Ultegra134]

There are also those who, in response to the news, begin offering those who haven't yet been hacked "protection" and the transfer of funds to a "safe" account. It's ironic that despite all the technical problems, the human factor remains the biggest vulnerability, and it seems impossible to combat it. Telephone scams in every country seem to have reached incredible proportions. In my country, this has become such a problem that banks prefer to block regular p2p transfers for 24 hours or even a week because the probability that it is a fraudulent transfer is already approaching 50%.

When one scam or something similar occurs, numerous "smaller" scams arise from scammers who are trying to take advantage of victims or those who haven't become one yet for their own profit, by scamming you. It's sickening that some people are creating opportunities from such events. I've had a similar case after having my wallet compromised on a platform, I was contacted about a "secure" wallet, just like you described.

Polymarket's breach isn't something uncommon in any kind of industry or platform that involves money. We've seen casinos, exchanges or even banking services go through something similar. This is a reminder to not keep large amounts of money in third party services.

[hyudien]

So this is a third-party's fault? Polymarket should take decisive action if Magic Labs is proven to be the hacked third-party, and I'm sure there are more users who have lost their balances than just those on that list.
The question is, will Polymarket and the third-party compensate their customers for their losses? I believe they should.

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

This is why I don't always leave balances in my account unless the balance is small. Because no matter how powerful, powerful, and reputable a platform is, it's never completely safe from hacking.

[Hispo]

It seems scammers/hackers wanted somehow to get advantage on the Christmas celebration time in order to do their deeds easier, usually people do not pay attention to their accounts while celebrating with family, timing is not a coincidence at all, in my opinion.

Anyways, for some reason I believe the impact of this hack is higher than what it is being reported, is there some estimation of the complete figure which has been stolen from bettors so far? It catches my attention it was not reported in the original article.

[STT]

Its not fair to blame the users for trusting a service, the point of a service or any website is to enable consumer easy access to your product for a small fee in some way.  Thats the business, blaming them would be the opposite and ultimately the failure of your website reputation and trust.
  I realize crypto you arent supposed to trust centralization but theres a limit where people shouldn't have to bother to cash away every day from a constant threat, its unrealistic to expect success with constant distrust.

[Odogwu-Blockchain]

You cant always advise people to not keep their money left in centralized platform all the times, these are the reasons why keeping money in decentralized platform is more better, in as much as you hold your private key and that nobody can access your funds by any means, without any breach too as well.
Its better polymarket had resolved this issue so no other breach could happen in the future.

[alegotardo]

Thanks for sharing this, I was not aware of this problem until now... I have an account there but I have not used it in a while, I do not have a balance on that exchange.

And yes... Polymarket confirmed the breach and said they have already fixed the problem, which according to them affected a "small number of users", and that they would contact them. Hopefully, Polymarket will be able to cover the losses.

But many things still need to be clarified, and the first is: What is the exact name of the provider that was compromised? I also think the number of affected accounts must be larger than "something small", but Polymarket has not said anything about more exact numbers.

Today it was Polymarket, tomorrow it could be another one, so the golden rule is not to keep large balances on betting/prediction platforms or even on exchanges... deposit only what is necessary.

[Dave1]

Its not fair to blame the users for trusting a service, the point of a service or any website is to enable consumer easy access to your product for a small fee in some way.  Thats the business, blaming them would be the opposite and ultimately the failure of your website reputation and trust.
  I realize crypto you arent supposed to trust centralization but theres a limit where people shouldn't have to bother to cash away every day from a constant threat, its unrealistic to expect success with constant distrust.

Yes, but as a business entity, you should know how to protect your consumer here. So if they fail, then obviously their reputation is going to be hit big. Specially that PolyMarket is already well know to the point that there are a lot of entities that want to copy their business as it's a billion dollar industry now.

So with that breach, they will have to do something to keep their reputation. And one thing that they can is to give refunds to those who've lost money on the attack. Sort of their funds is SAFU is we are going to compare it to crypto base exchange. That funds are safe and they are going to be compensated if there are breach and they lost their money on their services.

[NotATether]

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. 

I wasn't hacked, and actually I use a wallet to sign in instead of Google. I never liked the idea of having social media sign-in of all things for a site like Polymarket.

You need to sign a message in order to sell your shares or buy other shares so the magic link that was created by you logging in via social media (which itself is a generated private key) must have been compromised.

[stompix]

Hihihi..
"Decentralized" prediction market   
How was this "decentralized" platform breached?  Oh wait....it's not decentralized at all, it's like that only when they don't want to claim responsibility for anything!

So this is a third-party's fault? Polymarket should take decisive action if Magic Labs is proven to be the hacked third-party, and I'm sure there are more users who have lost their balances than just those on that list.
The question is, will Polymarket and the third-party compensate their customers for their losses? I believe they should.

It's a decentralized platform, the users are to blame 
Smart contracts, your money is secure, you're in control all the time, all that bs after bs!

[KTChampions]

Its not fair to blame the users for trusting a service, the point of a service or any website is to enable consumer easy access to your product for a small fee in some way.  Thats the business, blaming them would be the opposite and ultimately the failure of your website reputation and trust.
  I realize crypto you arent supposed to trust centralization but theres a limit where people shouldn't have to bother to cash away every day from a constant threat, its unrealistic to expect success with constant distrust.

Yep, I don't understand this complaint at all, because in order to keep a bet on Polymarket, you have to keep your funds there. In this case, advice not to keep your funds on a centralized platform is equivalent to advice not to use this platform at all.
It will be interesting to see whether the platform will compensate its clients for the hack, as it was not their fault. It seems to me that customers should get their money back, and Polimarket should deal with the third parties that caused the hack.

[acroman08]

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).

Thanks for the update. This is just an assumption, but I guess the reason why they haven't made the announcement is probably that they haven't finished their investigation and haven't identified all the users that have been affected by the hack, but who knows, maybe they are trying to fix this issue as quietly as possible. as for it being their fault, I think magic labs has it's faults too, and I think Polymarket will be the ones that will deal with them.