Polymarket suffers $3M crypto theft in June 2023 security breach

Polymarket has announced a major security breach that occurred on 25 June 2023. Hackers accessed user accounts through a compromised third-party vendor and stole cryptocurrency. The platform has since pledged to refund all affected users in full. The attack involved malicious script injected into Polymarket’s frontend. This allowed hackers to siphon funds from users’ accounts, transferring $3 million in cryptocurrency to Ethereum. Investigators suspect the breach may have been part of a wider phishing campaign targeting digital wallets.

Polymarket has faced other controversies in the past. A Wall Street Journal report revealed the platform paid influencers to post misleading advertisements. These were then amplified by a network of social media accounts.

Despite these issues, Polymarket has seen significant growth. Trading volumes hit record highs during the 2026 FIFA World Cup. The platform also recently announced it had surpassed $1 billion in annualised revenue. The company will notify all impacted users and ensure full reimbursement for stolen funds. The incident highlights ongoing security risks in the cryptocurrency sector. Polymarket’s trading activity and revenue figures continue to rise despite past controversies.