Scam Alert: Polymarket Under Attack, Here Is What We Know So Far

Key Insights:

• In the latest crypto hack news, Polymarket confirmed an internal wallet breach linked to reward payouts.
• Bubblemaps tracked stolen funds moving across 16 wallet addresses.
• POL price stayed stable despite reports of nearly $700,000 stolen.

Polymarket users were shaken after a crypto hack, with news of a fresh exploit linked to the platform surfaced online.

Blockchain investigators said attackers drained hundreds of thousands of dollars, while Polymarket insisted user funds and market resolutions remained safe.

Polymarket on Frontline of Latest Crypto Hack News

Polymarket moved quickly to address growing panic after reports of a possible exploit spread across social media on Friday morning.

The prediction market platform said it was aware of the security reports tied to reward payouts and stressed that user funds were not affected.

In a statement shared by the Polymarket Developers account, the company explained that the issue did not come from its contracts or core infrastructure.

Instead, findings pointed to a private key compromise involving a wallet used for internal top-up operations.

The platform also said market resolution systems remained safe despite the attack. That message appeared aimed at calming traders who feared the exploit could spread deeper into the system.

Per the crypto hack news, the incident first gained wider attention after on-chain analysts began tracking unusual withdrawals tied to the platform.

Reports claimed attackers were draining 5,000 POL tokens every 30 seconds during the exploit. While Polymarket did not confirm the exact amount stolen, outside trackers estimated losses crossed the $600,000 mark before suspicious withdrawals slowed down.

Later updates pushed the figure closer to $700,000. The company promised more updates as investigations continue. However, users across crypto communities still reacted with caution due to the speed of the attack and the amount reportedly moved through different wallets.

The latest security issue also arrives at a time when crypto platforms continue facing pressure over wallet management and internal security practices.

Even when customer funds remain untouched, exploits involving operational wallets often damage confidence around a platform.

Bubblemaps Tracks Wallet Activity Across Exchanges

Based on the crypto hack news, blockchain analytics platform Bubblemaps played a major role in tracking the exploit as it unfolded.

The firm first raised the alarm publicly, warning users to pause Polymarket activity while suspicious withdrawals were ongoing.

According to Bubblemaps, attackers split the stolen funds across 16 wallet addresses shortly after the exploit. The tracking platform later identified several deposits linked to exchange services, including HTX, KuCoin, and ChangeNOW.

The company also shared a long list of wallet addresses allegedly connected to the exploit. Market participants believe the movement of funds through multiple addresses may have been an attempt to make tracking harder.

Bubblemaps later reported that suspicious withdrawals had stopped. Around the same time, Polymarket repeated that the incident was isolated and that customer assets were safe. Crypto investigator ZachXBT was also mentioned in reports tied to the tracking effort.

On-chain investigators often work quickly during exploits because stolen funds can disappear within minutes once moved through exchanges or swap services.

Meanwhile, market intelligence platform Santiment shared more technical details linked to the exploit.

According to Santiment, the attack involved Polymarket’s UMA CTF Adapter on Polygon. The analytics firm explained that the market appeared to separate the exploit from the POL token itself.

Santiment pointed out that POL prices stayed mostly flat during the incident, even as concern spread online.

Polymarket Hack: Market Reaction Remains Relatively Calm

Despite headlines surrounding the Polymarket exploit, the broader crypto market reaction remained measured. Santiment data showed UMA fell from about $0.477 to $0.462 during the attack window, marking a decline of roughly 3.3%.

POL, however, traded near the same price range throughout the incident. Analysts said this suggested traders believed the exploit was tied to a specific component rather than a wider collapse involving the token.

That calm response stood out because major exploits often trigger sharp panic selling across connected assets. In this case, traders appeared to focus more on the technical details coming from investigators instead of reacting to fear alone.

Even so, the attack has again placed attention on security risks facing crypto platforms. Many users now wait for more details from Polymarket regarding how the private key was compromised and whether extra protections will be introduced after the breach.

For now, the platform maintains that core systems remain safe while investigations continue into the exploit and the movement of stolen funds.

The post Scam Alert: Polymarket Under Attack, Here Is What We Know So Far appeared first on The Coin Republic.