Polymarket compromised through a third party provider

[BitBakerr1]

I am not sure whether one can truly evade responsibility by placing all blame on third party provider and vendor.

I understand that they have promised to provide compensation, that is fair enough. But such misappropriation of over $2.65 million and draining of account belonging to more than 700 user cannot be dismissed as minor error!

Moreover similar kind of security breach and scandal occurred just last month too?
So, is it our responsibility to repeatedly check for these third party vulnerabilities?
Or is it from their platform?

In one of the latest news reports, I saw a figure of $3.9 million mentioned as the amount stolen in the hack. For a platform of this size, that kind of loss is hardly significant. I think that's exactly why they aren't paying much attention to the number of users who were hacked. They're only concerned about the amount of money stolen, and since it's relatively small, they don't seem to consider it a major incident either.

Binance exchange did a very wonderful job in making sure that they handle the situation very well, hack can happen to any organization or any company and when the money stole is very big you don’t expect the company or organization to make everything right at a time.

Binance have done what they can do and I won’t blame them for anything, the money they lost is not a small amount of money, big companies will close down if they lose that kind of money to hackers.
Binance said they will cover all losses and that’s good.

[Karl_3000]

ofI think it's normal to see the entire ecosystem panic. It's only a matter of time for everything to die down when they get to find out, especially since Binance have reimbursed at least 90% of the lost funds to the affected people ( For the liquid assets), and the remaining 10% is currently under the process. I think new source information says they have increased it by 5%, making it 95 in total. That's a rapid way to clear off almost $7 billion in debt

This can be off-topic because this thread supposed to be about Polymarket breach and not Binance breach. The official statement is still that it is 90% and not 95%. That has been what I have only seen online till now. If you want to quote me, you can do that on the Binance breached discussion thread on the exchange board. Polymarket breach should not be what people should be worried about. I know when I saw the news that it will not be beyond Polymarket capability.

[o48o]

-cut-
In one of the latest news reports, I saw a figure of $3.9 million mentioned as the amount stolen in the hack. For a platform of this size, that kind of loss is hardly significant. I think that's exactly why they aren't paying much attention to the number of users who were hacked. They're only concerned about the amount of money stolen, and since it's relatively small, they don't seem to consider it a major incident either.

Users don't care either as they already said that they will cover losses.

Weird how our goalposts have changed from "hardly significant" when it's $3.9 million hacked, considering that whole crypto was used to be marketed as safer then banks. When banks are robbed $3.6 million worth of cash, it's so unusual, that there will be movies made out of it.

As a side note, i just noticed that that polymarket is trying to brand themselves as "trading market".
Is this a new legal approach, or am i just noticing it because their distancing from gambling sites has been a hot topic (for legal reasons)?

[oll]

As posted on their official X handle a short while ago, a third party provider was compromised which led to some traders losing funds, meanwhile all trading has been halted out of caution.
They've also promised to refund those affected.

We've identified & fixed an issue impacting our international platform, Polymarket⁠.com. One of our 3rd party providers was compromised, and we have referred this to relevant law enforcement.

Anyone who has been impacted will be made whole.

Out of an abundance of caution, we have temporarily halted trading & are working to bring the platform back online.

Source

If I understand correctly, the thread about this incident was posted here an hour before yours.

https://bitcointalk.org/index.php?topic=5598271.msg67290397#msg67290397

In any case, I want to point out that large companies—Polymarket is certainly a large and successful company—have begun to outsource their work to small IT contractors too often. By doing so, they save themselves money, but not ours. Remember the recent exchange hacks via chat windows? Those were also hacks via a third-party IT contractor. I understand that these crypto services choose contractors based on the principle of "cheapest is best," but that's not right. They should understand that hackers are starting to hack at the rate of 10 touches a day. Thet can't skimp on security.

[xenomorfo]

As posted on their official X handle a short while ago, a third party provider was compromised which led to some traders losing funds, meanwhile all trading has been halted out of caution.
They've also promised to refund those affected.

We've identified & fixed an issue impacting our international platform, Polymarket⁠.com. One of our 3rd party providers was compromised, and we have referred this to relevant law enforcement.

Anyone who has been impacted will be made whole.

Out of an abundance of caution, we have temporarily halted trading & are working to bring the platform back online.

Source

what did i tell you? Better to stay far away, or very far away from this kind of places.
I've said it in all the posts that talk about polymarket, it's not fun at first and it only makes you lose money and make the usual suspects rich.
Stay away and you will live peacefully.

[Merit.s]

what did i tell you? Better to stay far away, or very far away from this kind of places.
I've said it in all the posts that talk about polymarket, it's not fun at first and it only makes you lose money and make the usual suspects rich.
Stay away and you will live peacefully.

Polymarket might not be fun to you but it's fun to someone. Because you don't like it doesn't mean you it's bad. Will you also encourage people to stay away from gambling because it's more of losses than profit because casinos and Polymarket are the same thing.

[sompitonov]

what did i tell you? Better to stay far away, or very far away from this kind of places.
I've said it in all the posts that talk about polymarket, it's not fun at first and it only makes you lose money and make the usual suspects rich.
Stay away and you will live peacefully.

I understand this too, but the thing is, many players are looking for the thrill, the adrenaline, and the euphoric rush that comes from placing bets or making predictions especially regarding geopolitics. Even after a purely lucky guess, they want to believe they are top-tier experts and tell everyone around them so. They might claim, for instance, that everything is about to change and that, for this "pseudo-bettor," a whole new chapter is finally beginning...

[hedgeh0g]

I understand this too, but the thing is, many players are looking for the thrill, the adrenaline, and the euphoric rush that comes from placing bets or making predictions especially regarding geopolitics. Even after a purely lucky guess, they want to believe they are top-tier experts and tell everyone around them so. They might claim, for instance, that everything is about to change and that, for this "pseudo-bettor," a whole new chapter is finally beginning...

Even if Polymarket has been hacked, that doesn’t mean such breaches will stop. In the crypto space, everyone needs to take security much more seriously especially as AI continues to evolve, enabling increasingly sophisticated attacks. Beyond the risk of our accounts or the prediction market platforms themselves being compromised, there is also the inherent risk of simply losing one’s wagers. Given the sheer number of risks involved, now is the perfect time to reconsider whether participating is even worth it. Perhaps it would be better to explore safer alternatives platforms or games where we might hold a greater advantage.

[ZeroVinsonN]

what did i tell you? Better to stay far away, or very far away from this kind of places.
I've said it in all the posts that talk about polymarket, it's not fun at first and it only makes you lose money and make the usual suspects rich.
Stay away and you will live peacefully.

I could say the same thing about casinos but I won't because that's not how life works, I might not be a fan of prediction market but that's because I don't agree with some of the services they offer but I'm not the whole planet and if I don't appreciate it someone else will.
Plus if Polymarket was somehow running a campaign here on this forum we'd probably still wear their signature, and that's something a lot of people who claim to hate gambling do, you hate something and yet you are willing to promote their services, it shouldn't work that way.
I gamble, some other people don't, them saying gambling isn't fun isn't going to change my view on it, I will probably just ignore them because they don't know anything about it which is exactly how someone who uses Polymarket will react to a comment like this one.