Hackers stole nearly $3 million from the Polymarket cryptocurrency platform — WSJ

The cryptocurrency platform Polymarket lost more than $2.5 million in customer funds as a result of a cyberattack. According to The Wall Street Journal, the attackers exploited a vulnerability in the third-party monitoring service DebugBear, which was used on the platform’s website.

Up to 700 user accounts may have been affected by the attack. Over $2.5 million was found in the crypto wallet of the suspected attacker.

Following the incident, Polymarket temporarily suspended trading and promised to compensate all users affected by the attack for their losses.

A few hours after Polymarket reported the breach, Binance, the largest cryptocurrency exchange, also announced a cyberattack. According to preliminary estimates, losses from the alleged breach of a software engineer’s laptop could have reached $6.3 billion.

Later, Binance Co-CEO Richard Teng separately clarified the circumstances of the attack:

“I want to emphasize: the attacker did not simply exploit the access privileges of a single engineer, nor was this a single ‘one-click’ action. The attack was more complex and consisted of several stages. At this time, our investigation has not identified any specific employee as responsible.”

Binance will fully compensate for all losses using the SAFU fund and the company’s own funds. User funds are safe. The incident has not affected deposits: these transactions are proceeding as usual. Once we have completed the measures to address the consequences of the incident, we will also publish an updated Proof of Reserves report.

Binance immediately took the following precautionary measures:

• Temporarily suspended withdrawals while conducting a comprehensive review of the withdrawal service’s security system and associated addresses.
• Revoked the authorization of the address associated with the incident.
• Engaged law enforcement agencies and blockchain analytics partners to track the movement of funds and ensure their recovery.

Source: The Wall Street Journal, Richard Teng in a post on X.

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