Finance1 min read

Polymarket reports outage on international exchange, halts trading

By · Published by Everything Blog

In short

Polymarket halted trading on its Polygon blockchain-based international exchange on Thursday following a hack at an unnamed third-party vendor. The disruption was triggered after several users reported unauthorized withdrawals from their personal accounts on social media. While the offshore decentralized platform suffered downtime, Polymarket's domestic exchange experienced no interruptions and operated normally throughout the event. Company officials referred the security breach to law enforcement authorities in the United Kingdom, where the impacted third-party provider is based.

Key points

  • The domestic platform remained fully operational throughout the outage that hit the unreg…: The domestic platform remained fully operational throughout the outage that hit the unregulated international Polygon-based exchange.
  • Polymarket resolved the technical vulnerability on its end and committed to making whole…: Polymarket resolved the technical vulnerability on its end and committed to making whole any wallets affected by the hack.
  • The security incident hit the prediction market right before the Nov. 3 U.S. midterm elec…: The security incident hit the prediction market right before the Nov. 3 U.S. midterm elections drive expected volume surges.

Sources checked by our analysis pipeline: 1

Prediction market platform Polymarket's international platform is currently experiencing an outage following a hack of an unnamed third-party provider, the company said on Thursday.

Traders first reported on social media platforms that they were seeing unauthorized withdrawals from their accounts on Thursday afternoon. In response, the company halted trading on its international platform.

Polymarket said that it has fixed the issue on its end, and that trading will resume at 3:00 p.m. ET.

The company also said it will make whole any wallets that have been affected by the hack. A spokesperson also said it has referred the U.K. law enforcement, as that is the country of operation for the third-party provider.

Polymarket's international prediction market exchange operates as a decentralized finance platform on the polygon blockchain and is not regulated in the U.S. The company's domestic exchange operated as normal during the outage.

The disruption comes just days before both the company's international and U.S. exchanges are expected to see heightened volumes during the U.S. midterm elections on Nov. 3.

Finance