Polymarket’s U.S. betting platform was targeted in a stolen-card fraud scheme that attempted to siphon off at least $10 million, according to The Wall Street Journal.
The scheme surfaced in February, when a company processing debit-card transactions for Polymarket’s U.S. app alerted the company to a flood of fraudulent activity. According to the Journal, attackers linked stolen debit cards to Polymarket US accounts, used them to place wagers and then attempted to withdraw money to clean cards or accounts under their control.
At the peak of the activity, the processor rejected more than 80% of the deposits it handled as fraudulent. The Journal reported that the rate was far above an industry standard of roughly 1%. Polymarket employees quickly raised their concerns with Chief Executive Shayne Coplan, according to people familiar with the events.
What Coplan is alleged to have said
People familiar with the events told the Journal that members of the compliance team were alarmed by Coplan’s response. Their account described him as urging staff to continue prioritizing growth despite the prospect of regulatory consequences. The allegation has not been independently verified in the supplementary reporting.
The episode drew attention to the relationship between expansion and fraud controls at the platform. Supplementary reporting said fraud levels remained elevated for several months after the February spike. It also reported that Polymarket eventually introduced tighter restrictions on the number of debit cards that could be linked to accounts.
A pattern of platform vulnerabilities
The fraud report is part of broader concerns about security and account protections at Polymarket. Supplementary reporting said the company confirmed in June that some users lost funds after a third-party vendor compromise, in which malicious code was injected into the company’s website for certain users. The same reporting described a separate July incident involving nearly 500 users, in which an engineering vulnerability allegedly enabled attackers with stolen personal information to access existing accounts.
According to supplementary reporting, Polymarket said it has strengthened its controls, added risk staff and limited the number of debit cards that can be linked to an account. The company said fraud rates returned to industry norms by May.
Featured image: Polymarket
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