Polymarket suspended trading amid reports of user funds being drained

Prediction markets company Polymarket reported its Predictions Trading API had experienced a “major outage,” resulting in the platform temporarily halting trading.

In a Thursday update to its status page, Polymarket said that the platform was in “cancel-only” mode after it had identified and fixed an issue impacting its operations. As of 7:05 pm UTC, the platform reported all its systems were operational.

“One of our third party providers was compromised, and we have referred this to relevant law enforcement,” said Polymarket. “Anyone who has been impacted will be made whole.”

The suspension of trading came as several users claimed online that their Polymarket accounts had been drained of thousands of dollars after their positions were sold without their consent. In June, Polymarket reported that hackers were able to drain more than $2.9 million in user funds by compromising a third-party vendor.

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