Predict.fun prediction market user lost 400K USDT transferred out without auth

[suzanne5223]

Predict.fun, a prediction market platform on the BNB Chain, has been the scene of unauthorized fund transfers from users' wallets, leading to a collective loss of about 400,000 USDT. Early investigations suggest that the third-party service provider's website, which hosts the API documentation, might have been compromised, impacting a few users over a short period. The website has been taken offline and will stay closed until the investigation concludes.

Predict.fun assures full compensation to users who have directly suffered losses from this incident and will issue a comprehensive review report and outline follow-up preventative measures once the investigation is complete.

https://x.com/predictdotfun/status/2115089547528950108

[Hispo]

This is frankly the first time I have heard about this prediction market service, but I would have assumed there were prediction markets on the BNB chain as well. There are pretty much on all chains which allow to run smart contracts natively.

It is also a good impression this webpage has expressed their will to fully compensate it's users who may have lose money because of this incident. It is something I would expect from a big casino or big exchange, not a relatively unknown prediction market provider. Still, it is good news for those bettors.

[Hazink]

This is frankly the first time I have heard about this prediction market service, but I would have assumed there were prediction markets on the BNB chain as well. There are pretty much on all chains which allow to run smart contracts natively.

I never also knew we had a prediction with that name until now.

This hacker seems not to be stopping. They are attacking anywhere they see vulnerability, and they can steal money from. $409k from users is not small money and 4 victims were the most affected, with one person's loss at $109k, followed by others. Let's hope the company will be able to pay back all losses they claimed.

[coinlary]

Who's going to to take up the compensation responsibility before , the third party? Atleast it's  not more than $400k , they should be able to afford it if not the silent could have lasted for a while.

How big is this predict.fun, it's my first time hearing it here,  I tried to do some search which led me to lookonchain, it seems they are just 10 months old judging by the lunching date around December last year.
I hope they can handle this.

[JeromeTash]

The website has been taken offline and will stay closed until the investigation concludes.

But I just checked, and the website is online, or am I missing something?

It' my first time hearing about this website too. No way I would be depositing $400,000 worth of crypto on a lesser-known platform even if I were a millionaire. I guess that is a warning shot to the users. I hope they get refunded.

[tiCeR]

Predict.fun, a prediction market platform on the BNB Chain, has been the scene of unauthorized fund transfers from users' wallets, leading to a collective loss of about 400,000 USDT. Early investigations suggest that the third-party service provider's website, which hosts the API documentation, might have been compromised, impacting a few users over a short period. The website has been taken offline and will stay closed until the investigation concludes.

Predict.fun assures full compensation to users who have directly suffered losses from this incident and will issue a comprehensive review report and outline follow-up preventative measures once the investigation is complete.

https://x.com/predictdotfun/status/2115089547528950108

A very typical nightmare in our world here. They now promised full compensation and if they were to do it, it is still a double-edged sword.

The website has been taken offline and will stay closed until the investigation concludes.

But I just checked, and the website is online, or am I missing something?

It' my first time hearing about this website too. No way I would be depositing $400,000 worth of crypto on a lesser-known platform even if I were a millionaire. I guess that is a warning shot to the users. I hope they get refunded.

They didn't say that a single user lost $400,000. It is very possible that the number of affected customers has been substantial. There is perhaps still hope for them when they make those affected customers whole. There have been hacks in the past when exchanges or other platforms took responsibility, and interestingly there were times when it helped them build a solid customer base afterwards.

Binance was one example in the past, but is strange is how many successful hacks happen when you do a bit of research.

[Alphakilo]

Predict.fun, a prediction market platform on the BNB Chain, has been the scene of unauthorized fund transfers from users' wallets, leading to a collective loss of about 400,000 USDT. Early investigations suggest that the third-party service provider's website, which hosts the API documentation, might have been compromised, impacting a few users over a short period. The website has been taken offline and will stay closed until the investigation concludes.

Predict.fun assures full compensation to users who have directly suffered losses from this incident and will issue a comprehensive review report and outline follow-up preventative measures once the investigation is complete.

https://x.com/predictdotfun/status/2115089547528950108

A very typical nightmare in our world here. They now promised full compensation and if they were to do it, it is still a double-edged sword.

The website has been taken offline and will stay closed until the investigation concludes.

But I just checked, and the website is online, or am I missing something?

It' my first time hearing about this website too. No way I would be depositing $400,000 worth of crypto on a lesser-known platform even if I were a millionaire. I guess that is a warning shot to the users. I hope they get refunded.

They didn't say that a single user lost $400,000. It is very possible that the number of affected customers has been substantial. There is perhaps still hope for them when they make those affected customers whole. There have been hacks in the past when exchanges or other platforms took responsibility, and interestingly there were times when it helped them build a solid customer base afterwards.

Binance was one example in the past, but is strange is how many successful hacks happen when you do a bit of research.

I haven't really heard about any predictions market hack yet until this one and am not surprised it happened because the hacks seems to be going round from wallet to exchange to predictions market to gambling platforms and almost any other platforms that have online user base with capital involved.

Am sure the original estimate is more than what is stated and God knows how long it would take to fully compensate the users who lost their funds.
Integrity is important for business success and growth and if this predict.fun platform has any integrity at all, they would sort out this issue on time and come back stronger with resilience and more users willing to commit their capital to them because of their reputation.

[Cointxz]

Integrity is important for business success and growth and if this predict.fun platform has any integrity at all, they would sort out this issue on time and come back stronger with resilience and more users willing to commit their capital to them because of their reputation.

AFAIK, the owner is previously working on Binance and this website is currently ranked on a higher spot for prediction market. It’s not just visible on mainstream outlet like Polymarket and Kalshi since it’s mostly run on the BNB chain but they surprisingly have a huge volume.

Perhaps, they will use this refund as their marketing expense too like the Binance SAFU as the owner was already accustomed on Binance way when dealing issue like this.

[acroman08]

What the hell is going on, this is the third time I've seen a gambling platform(yes, I consider prediction markets as a gambling platform) get affected by a hack in one month. I mean, last month Duelbits got hacked around this time of the month, then Gamdon this month, and now this.

Predict.fun assures full compensation to users who have directly suffered losses from this incident and will issue a comprehensive review report and outline follow-up preventative measures once the investigation is complete.

As they should, the people using their website have nothing to do with the hack, so it is only right that they should be compensated. Besides, it would look bad for them if they decided to compensate them.

[TastyChillySauce00]

What's next? Predict fun is already stated they will reimburse all of money gone due to the API problem. I think this case is already solved, and predict fun needs only to use better API provider instead using their unprotected API to prevent the same case to happen again.
However, i think the case is already completed consider they have found the problem and they will be returning back the money for the users got affected.

It should be a lesson for another prediction market to use better API providers.

[EluguHcman]

Predict.fun assures full compensation to users who have directly suffered losses from this incident and will issue a comprehensive review report and outline follow-up preventative measures once the investigation is complete.

Well meaning organizations like that will always care about the welfares of their customer with immediate confrontations of whatsoever challenges that may stand against their users comfortability. Especially when it is a system glitch from the company that may had led to the users being at risk or befalls victims over the the inefficiency of the company to protest their users Privacy.

Casinos or prediction markets that could afford to refund back users lost funds like the ones in the scene are companies that has the motive of long term goal. Some also crashes due to insufficient of backup funds of the companies to solve related issues as this incident.

Surely, compensating victims could still maintain the company on high integrity and so on users can still be retained even after all the ugly experience.
Perhaps those are companies that also understands business strategies.

[Dave1]

Predict.fun, a prediction market platform on the BNB Chain, has been the scene of unauthorized fund transfers from users' wallets, leading to a collective loss of about 400,000 USDT. Early investigations suggest that the third-party service provider's website, which hosts the API documentation, might have been compromised, impacting a few users over a short period. The website has been taken offline and will stay closed until the investigation concludes.

This has been the modus of the attackers right now, to attack third-party services and get the API and then used it for their advantage. Just like the recent Foundation wallet hack that happened. The attackers compromised CloudFlare API that's why there were able to used steal Foundation's wallet customer database.

So that is the scary part, it's beyond our control now as they are attacking the third-party service that lacks the proper security practice. And this could be the start for the prediction market to be the next target of hackers.

[Hispo]

This is frankly the first time I have heard about this prediction market service, but I would have assumed there were prediction markets on the BNB chain as well. There are pretty much on all chains which allow to run smart contracts natively.

I never also knew we had a prediction with that name until now.

This hacker seems not to be stopping. They are attacking anywhere they see vulnerability, and they can steal money from. $409k from users is not small money and 4 victims were the most affected, with one person's loss at $109k, followed by others. Let's hope the company will be able to pay back all losses they claimed.

Where there is money, it is expected to hackers will take aim to those platforms. Regardless we talk about banks, exchanges, and now prediction markets...
I recall that when Decentralized finances were a new thing, there were many hacks and exploits which were used by cyber criminals to drain entire liquity pools, now we have the novelty of prediction markets on chain, where a lot of money is stored and handled, naturally those ecosystems will be plagued with scammers and hackers seeking to steal as much as possible from bettors...

We need to be more careful than ever.

[Darker45]

It' my first time hearing about this website too. No way I would be depositing $400,000 worth of crypto on a lesser-known platform even if I were a millionaire. I guess that is a warning shot to the users. I hope they get refunded.

They didn't say that a single user lost $400,000. It is very possible that the number of affected customers has been substantial.

OP is quite misleading with "user lost 400K USDT" in the title. It's like there's only a single user whose funds were stolen. But he/she also mentioned in the post that the amount is a "collective loss". So, that's for all the victims.

Predict.fun claimed there were only a "small number of users". How small is small we can only guess because they didn't release an official number. There's one user though who listed a handful of accounts and how much they lost. With only those 8 accounts, the total loss was already more than $330,000.

[Juse14]

The website has been taken offline and will stay closed until the investigation concludes.

But I just checked, and the website is online, or am I missing something?

It' my first time hearing about this website too. No way I would be depositing $400,000 worth of crypto on a lesser-known platform even if I were a millionaire. I guess that is a warning shot to the users. I hope they get refunded.

Maybe they have patched the vulnerability that occurred so that it can now be online again. It seems that this prediction market is not well known among bettors.

Predict.fun appears to be directly backed by Binance, so a loss of $400K won't make them collapse, why do I say this, because they have integrated the prediction market into Binance Wallet.

It seems like this won't bother other users. I mean it can be said that user funds are safe.

[Russlenat]

Predict.fun assures full compensation to users who have directly suffered losses from this incident and will issue a comprehensive review report and outline follow-up preventative measures once the investigation is complete.

Losses like this have now become normal, but what's important is they are assuring the affected users that they will be compensated. that's the only way they can rebuild their reputation and continue operating their business, it's not surprising anymore, we've seen some hacks and losses in casinos this year.

They are quite new, I hope they'll survive this.

[Patikno]

Who's going to to take up the compensation responsibility before , the third party? Atleast it's  not more than $400k , they should be able to afford it if not the silent could have lasted for a while.

How big is this predict.fun, it's my first time hearing it here,  I tried to do some search which led me to lookonchain, it seems they are just 10 months old judging by the lunching date around December last year.
I hope they can handle this.

After I search further investigation, the platform is collaborating with YZi Labs, and the prediction market is part of a strategic partnership. I didn't just look at this from one source, but also from others. So, I think the platform should be able to address these issues, or at least have some hope of addressing them. I don't know for sure if they can (no further information yet about), but I think they should uphold their reputation by being accountable.

Sources :

  ➥ predict.fun - news
  ➥ defillama.com - YZi Labs

[yhiaali3]

Honestly, I didn't know about the Predict.fun prediction market, or even that there were prediction markets on the BNB network, but regardless, these days everyone is at risk because of the AI-driven hacking frenzy.

Yesterday, there was also an attack on the API of one of the sites, where they were directed to phishing sites, and the result was unfortunate. These incidents have become widespread like an epidemic, and everyone should be careful and take precautions.

[Somegory]

I hate and like what's happening with everything online this days  , spending a lot of money on websites security from now on is a must, a day isn't going to go past without something getting hit, that's scary.

This is my first time hearing the name predict.fun, they must have used a weak setup since it's just a prediction market, as for people who are leaving their money on platforms like this they have learned their lessons.

Your no custodial wallet is safer than any platforms out there, the online differences is the likes of Binance exchange can reimburse your loss back to you but it's not guaranteed.

[Yorubek]

I don't understand if hacker are only targeting the prediction market, how they hack so easily, their evil is increasing with time, it is becoming very difficult to control them, we are seeing some hacking news every day. Maybe hacker can quickly identify wallet weakness with the help of AI, as a result they are researching more on that issue and hacking, gradually they are becoming more powerful due to which they are easily hacking wallets and stealing money from common people. It is becoming very difficult to control them, which is really very painful.