Recent account breaches on the prediction market Polymarket have led to reports of missing funds from several users. The platform acknowledged this security incident on Discord after users highlighted suspicious login attempts and subsequent loss of balances.
Users on social media platforms such as Reddit and X shared experiences of receiving unexpected login alerts. One user discovered their account balance reduced to just one cent, while another reported a loss of approximately $2,000, despite having two-factor authentication enabled. Several accounts reported substantial losses, including one user whose “top 1000” account was drained.
Although Polymarket has not publicly identified the third-party login provider responsible, users suspect Magic Labs, which facilitates email logins and automatically creates wallets. This service is frequently utilized by newcomers accessing Polymarket.
A company spokesperson stated that the issue has been resolved and assured that there is no ongoing risk. However, details regarding the number of affected users or the total amount stolen have not been disclosed. Polymarket is expected to reach out to those impacted directly.