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

[swogerino]

I wanted to directly point out that most likely is an inside job but since the platform promises full recompensation to people who are affected by this then probably is as the news say. We have said it so many times here in the forum that we should leave the smallest amount to gamble or trade in the platforms we use this way we minimize risk but most probably those users are not part of the forum here and as such they didn't know. I never leave more than I can afford to lose in gambling and trading platforms as this way whatever happens does not affect me deeply.

[Zlantann]

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.

It is now becoming necessary for platforms to do vulnerability testing constantly. The days are gone when security checks were done periodically. This can be achieved by hiring the best hands and using artificial intelligence. The high rate of hacks in the crypto space is becoming alarming.

The most common thing among the recent hacks on some gambling platforms is that users' funds were safe; others got their money back, and some platforms promised to repay lost funds. I hope the affected customers of Predict. fun get back all they lost.

[CryptSafe]

Lately, the hacks on Crypto related organisation's is becoming alarming and this calls for a thorough investigation into the third parties API and also the organisations should be able to upgrade and improve their security mechanism to making sure there are no lapses and loopholes that would warrant such attacks in the near future.
Although this is my first time of hearing about this site but I presume they are already in existence long before now and should be able to afford to pay back such amount of money to their community members who got affected by the hack.
One thing I will say is that crypto organisations should begin as a matter of concern begin to constantly upgrade, update and run checks on their security apparatus and mechanism to be able to detect any possible or potential vulnerability that could cause any damages on their platform in the nearest future.

[arwin100]

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.

Its not about a single user lost $400k on said exploit, but rather 29 wallets got affected with this incident.

You can also read in this site https://bitquery.io/investigations/predict-fun-hack on how the exploit happened on Predict.fun.

I know this site, but I didn't bother to try them. Because for me its safe to use or bet on more popular prediction sites. But good thing they promise to refund their affected users.

[Call_Me_Guru]

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

We hardly see a month without a new unfortunate breach. One thing is common to them, they don't accept the responsibility but blame a third-party. Blaming a third-party provider is such a classic cop-out. It's their platform and their users who are paying the price for vulnerable security. You guys should be careful where you entrust your money. Glad they are promising compensation, but they need to stop dragging their feet on the investigation and start rolling out those reimbursements immediately. People shouldn't have to wait weeks or months for them to sort out their own mess.

[viljy]

I didn’t like this Predict.fun right away. Even the website design. It turned out it wasn’t for nothing. Well, in general, the creators or owners should keep an eye on the security level of their services. Otherwise, it’s become fashionable nowadays to blame everything on AI, which is "impossible to counter". Before, they blamed all their mistakes on "North Korean hackers", now the new scare story is AI. Well, this is just a general line of reasoning. Of course, it’s good that the damage will be compensated. But if next time the criminals steal a billion, what then? It will be harder to compensate.

[Emjay24]

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.

I love the fact that they're taking responsibility for the losses and compensating the affected persons. It was their error and is only right they bear the losses, or maybe because the funds concerned was little. The drains occurred from Oct 14 - 27, they're lucky the hackers weren't able to lay their hands on a larger capital, that was enough time to do some huge damage.

We hardly see a month without a new unfortunate breach. One thing is common to them, they don't accept the responsibility but blame a third-party.

Who's talking about a month, there's hardly a day that passed without news about a breach.

Predict.fun accepted full responsibility of the incident and that is why they have stated they would refund all the losses

At Predict.fun, we take the security of our users and their funds extremely seriously. As such, we will fully reimburse all affected users for any funds lost as a direct result of this incident.

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

[GGGary33]

I don't think that there is no question about the hackers, they will do crack any market that they know they will make a lot of money, like exchanges and hardware wallets, casinos and this time it's prediction market.

Good that they say that they are going to compensate, like the fund is SAFU. But this is a very expensive lessons for them and for any other services out there as we are in the mercy of criminals groups today.

[BigTarget]

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

We hardly see a month without a new unfortunate breach. One thing is common to them, they don't accept the responsibility but blame a third-party. Blaming a third-party provider is such a classic cop-out. It's their platform and their users who are paying the price for vulnerable security. You guys should be careful where you entrust your money. Glad they are promising compensation, but they need to stop dragging their feet on the investigation and start rolling out those reimbursements immediately. People shouldn't have to wait weeks or months for them to sort out their own mess.

I guess that only means that this space of crypto have truly matured, I mean a lot of people are already involved in here. Just like on the outside, as we can see in the news, there's always crimes that occurs. They are only normal and part of how this life or world works. There is always be bad apart from the good ones.

Maybe it was true that it was the fault of a third party? And for others, they honor that it was their fault on why a problem occurs but the reason on why some look for another to blame, is to protect their reputation and won't scare their current and upcoming customers.

Predict.fun seems to have a close relation to Binance and we already know the reputation and quality of that said platform but this is why they can provide compensation even if the damage is not small.

[cryptomaniac_xxx]

Lately, the hacks on Crypto related organisation's is becoming alarming and this calls for a thorough investigation into the third parties API and also the organisations should be able to upgrade and improve their security mechanism to making sure there are no lapses and loopholes that would warrant such attacks in the near future.
Although this is my first time of hearing about this site but I presume they are already in existence long before now and should be able to afford to pay back such amount of money to their community members who got affected by the hack.
One thing I will say is that crypto organisations should begin as a matter of concern begin to constantly upgrade, update and run checks on their security apparatus and mechanism to be able to detect any possible or potential vulnerability that could cause any damages on their platform in the nearest future.

Right, we are now the target here, every crypto related organization and services should review their security. Might be better to hire someone so that there will be no biased on the finding. It might entail some big money from organization, but still it's there duty to really hardened and should close the gap on the loopholes otherwise they will be the next victims here.

Just imagine if the amount that this criminals transferred in millions, that's one take in just one act from them. And if they go attacking like in every month, this criminals groups will really make a lot of money from us.

[CryptSafe]

Right, we are now the target here, every crypto related organization and services should review their security. Might be better to hire someone so that there will be no biased on the finding. It might entail some big money from organization, but still it's there duty to really hardened and should close the gap on the loopholes otherwise they will be the next victims here.

Just imagine if the amount that this criminals transferred in millions, that's one take in just one act from them. And if they go attacking like in every month, this criminals groups will really make a lot of money from us.

It is one thing to be aware and another thing to take decisive measure's in preventing such occurrences. This news of crypto platform hacks has been on for quite some time before now the question is how many Crypto organisation's made the move to upgrade their security mechanism? I would not be surprised to see that most of the organisations suffering this hacks today we're ignorant of the fact that they could be a possible target by these hackers therefore making them to feel too relaxed till they got stricken by the hackers blow.
Sometimes proactive measures could help save a platform from unforseen circumstances in the feature. For instance when the news of PHP vulnerability emerged, many platforms took the necessary steps to check and upgrade their servers and security just like how our admin here did just to make sure the platform is safe, secured and protected. Such proactive steps saves platforms a lot.

[m2017]

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.

News headlines are filled with reports about hacks targeting exchanges, wallets (apps), hardware wallets and HW-manufacturers, casinos, and now even prediction markets. It seems that anything involving currencies is getting hacked. The more valuable and popular these cryptocurrencies become, the riskier it gets to own them. I don’t recall traditional banks being hacked with such regularity.

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 if they had the option "not to compensate for the damages". Once a reputation is lost, can't get it back for $400k. Therefore, they will have to pay out of their own pockets.

[Josefjix]

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.

Is it really a new method of manipulating and stealing user's funds nowadays, every affected platforms often use this statement, to compensate victims, and so, why not pay them all but compensate them with little amount.

I sometimes don't think the way others think, but I must say that these platform know what they are doing, they are behind all these hacks happening and they have negotiated some percentage with these hackers.

It's enough, almost all the top exchange, casinos and DeFi platforms had been hacked with huge amounts. What's happening?

[ZeroVinsonN]

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.

Good thing they didn't lose much money (not calling 400k USDT small) but at least it's a cost the platform can still cover so their users don't lose, hopefully the investigation turns up something solid because most hacks like this one don't really yield much result during investigations, they might be able to prevent future incidents but the money might end up gone either way.

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.

Is it really a new method of manipulating and stealing user's funds nowadays, every affected platforms often use this statement, to compensate victims, and so, why not pay them all but compensate them with little amount.

I sometimes don't think the way others think, but I must say that these platform know what they are doing, they are behind all these hacks happening and they have negotiated some percentage with these hackers.

It's enough, almost all the top exchange, casinos and DeFi platforms had been hacked with huge amounts. What's happening?

I'm sure I saw 'FULLY COMPENSATE' there, which would mean they are giving back what was lost or am I missing the meaning of the word fully? The basically just said they were going to pay back all that was lost so saying they were in on it just doesn't make sense.

[Abdul Sami786]

Nowadays people are crazy and invest thousands of dollars without full verification and then when that site is not good then they know that their money has been wasted. To invest such a big amount they should think about where they are investing money and whether that place is also beneficial for them or not. Such assumptions are quite high so this is a lesson for others that you should act calmly so that you do not lose. Similarly people also become quite crazy in gambling they think of something else to invest and someone else does the work. Before investing such a big amount I would think a lot because 400k$ is a good amount which if invested in good work can give quite good profit.

[BitBakerr1]

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.

The high level of hack happening these days is becoming too much and if they don’t find a way to stop it, it is going to affect more people as time goes on.
AI was seen as a good invention but right now it is becoming a problem to the society and the world at large. I’m very sure that AI is one of the tools that is helping this hackers achieve whatever they want easily.
Before the invention or coming of AI hacking was very difficult but right now I think it’s very easy for hackers to succeed.
Something need to be done. If not, it’s going to cost a major issue than it is causing right now.

[Ashawowo(OS)]

I wanted to directly point out that most likely is an inside job but since the platform promises full recompensation to people who are affected by this then probably is as the news say. We have said it so many times here in the forum that we should leave the smallest amount to gamble or trade in the platforms we use this way we minimize risk but most probably those users are not part of the forum here and as such they didn't know. I never leave more than I can afford to lose in gambling and trading platforms as this way whatever happens does not affect me deeply.

Financial ability differs, $100k might be what someone else can afford to loose, but not you since you're not as wealthy as that person. It is not only those that are in this forum that has access to reliable information, outsiders do as well and act on it.

It is quite commendable that they would compensate the victims though, seems they're really prepared to take full responsibility and that would give users more confidence to use their platform if they keep to their words.

[YellowSwap]

That website isn't really offline, or they solved the problem already? What am I missing? As for those saying that we shouldn't leave alot of money on any platforms that we have no control over, are you guys saying it's impossible to become a victim the moment you deposited?

What if it's that time where you deposited that the platform got hacked? You are going to be in the same list as those who have left their money on the platform since the last 24 to 48 hours, no difference.

It's possible to limit the possibility by moving out the funds once you are done instead of leaving the money on the platform, but don't rule out the possibility of been in the right place at the wrong time too.

[Ayers]

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.

Hmm, that's seriously shocking situation.

If platform like Predict.fun suffers loss of 400000 USDT due to hacking of third party API documentation website then it raises serious question regarding security of user fund.

To be honest, it is good thing that they have promised full compensation and taken their website offline.

But, it's always the regular user who end up paying price for blindly trusting these kind of third party vendors. If this isn't fixed ASAP then trust issue regarding this project will become permanent, imo.

[Hatchy]

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.

Yeah, I just checked again, and the site is up, but I couldn't do anything apart from viewing it. Maybe they didn't take it completely offline. It's my first time hearing about the site, but somehow, I feel like I've visited it before because the name sounds familiar.

Regardless, this shows that no platform is completely safe, especially those that integrate crypto services into their websites. Hackers are becoming more dangerous and sophisticated with their attacks, and no platform is completely safe from them. These platforms need to keep checking for security loopholes and fixing them before hackers discover and exploit them. It's really worrying that this year has been one of the worst for hacks, with major platforms and exchanges falling victim to attacks.