Polymarket suspended trading amid reports of user funds being drained

What happened: Polymarket halted trading on Thursday after reporting that one of its third party providers had been compromised. The platform said its Predictions Trading API had a major outage and it moved to cancel-only mode. Key numbers: Trading resumed with all systems operational as of 7:05 pm UTC. Why it matters: Polymarket said it referred the matter to law enforcement and that anyone impacted will be made whole. Several users claimed online that their accounts were drained after positions were sold without consent.

Polymarket halted trading on Thursday after reporting that one of its third party providers had been compromised. The platform said its Predictions Trading API had a major outage and it moved to cancel-only mode.

Polymarket said it referred the matter to law enforcement and that anyone impacted will be made whole. Several users claimed online that their accounts were drained after positions were sold without consent.