- Polymarket said it fixed a security flaw introduced by a third-party authentication provider that affected a small number of users.
- Multiple users reported unauthorized logins and drained accounts, with some seeing three login attempts before funds were lost.
- Some users pointed to Magic Labs as a possible source of the breach, though the company attributed the issue to a third-party provider.
- Polymarket said there is no ongoing risk and that it will contact affected users.
Polymarket, a prediction markets platform, said Tuesday that it identified and resolved a security issue after several users reported suspicious activity on their accounts. According to a post to the company’s Discord, the problem affected “a small number of users.”
“The issue was caused by a vulnerability introduced by a third-party authentication provider,” the company wrote, adding that “Polymarket takes security extremely seriously, and the issue has been remediated.” It also stated there was no ongoing risk and that it would contact affected users.
Reports of drained accounts and forced closures of deals spread on social platforms, including a Reddit thread and an X post. One Reddit user said they found three login attempts and later saw their balance fall to $0.01. An X user reported, “My Polymarket wallet also got drained yesterday,” adding that their wallet had been created with Magic Labs and that they never received phishing emails.
Some users observed multiple login attempts before funds were removed. Polymarket previously faced security incidents in late 2024 after users logged in via Google accounts.
Definition: Prediction markets — platforms where users buy and sell positions on the outcome of future events, often used to aggregate expectations.
Definition: Authentication provider — a third-party service that verifies user identities and manages login processes.
Polymarket has not released further technical details about the vulnerability or the identity of the third-party provider involved.
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