Polymarket has resumed trading on its flagship international prediction-market platform after a hack drained funds from some traders’ wallets. The company said the breach involved a UK-based third-party vendor rather than Polymarket itself, and that affected traders would be refunded. UK law enforcement agencies have been notified.
Approximately $2.7 million stolen
Trading was initially paused while Polymarket investigated the incident for several hours. The company later announced that it had resumed trading.
Several prominent traders reported losses on X. Blockchain analysis firm Bubblemaps reported that approximately 700 users were believed to have been affected and that approximately $2.7 million had been stolen.
When WIRED asked Polymarket how many traders were affected and how much money they lost, the company declined to comment. It said, however, that it would refund affected traders.
Polymarket US was not affected
The hack did not affect Polymarket US, the company’s newer platform for users in the United States. Polymarket operates two separate prediction markets: Polymarket US is a federally regulated financial exchange, while its flagship cryptocurrency-based platform is banned in the United States and many other countries.
Previous security incidents and controversies
This is not the first security problem to affect Polymarket traders. In June 2026, a separate incident resulted in affected traders losing more than $2 million.
Founded in 2020, Polymarket has also faced controversy over several high-profile insider-trading cases that resulted in arrests. In one case, a special forces soldier was accused of betting on the capture of a former Venezuelan leader. In another, a Google employee allegedly made millions of dollars using confidential information. The suspects in both cases have maintained their innocence.
Funding and valuation
Polymarket is also reported to be raising $1 billion in August 2026 in a funding round led by venture capital firm 1789 Capital, where Donald Trump Jr. is a partner. The company’s reported valuation is $21 billion, according to Bloomberg.
Source: www.wired.com
