Polymarket Exploit: $700K in POL Stolen, Executives Say User Funds Safe

Representative James Comer, Republican of Kentucky and chairman of the House Oversight and Government Reform Committee, announced a formal investigation into prediction market platforms Polymarket and Kalshi on May 22 — demanding that the CEOs of both companies explain how their platforms detect and prevent insider trading, in a probe triggered by a series of […]

Increased scrutiny of prediction markets may lead to stricter regulations, impacting how these platforms operate and their user base. The post House Oversight chair seeks data from Kalshi and Polymarket CEOs on suspicious bets appeared first on Crypto Briefing.

User funds remain safe after the incident, the prediction market platform said, with contracts and core infrastructure unaffected.

The incident highlights the critical need for robust security measures in decentralized platforms to maintain user trust and financial integrity. The post Polymarket says user funds safe after admin wallet compromise triggers $700,000 theft appeared first on Crypto Briefing.

India's crackdown on prediction markets may prompt global regulatory shifts, impacting crypto platforms and international compliance strategies. The post India blocks Polymarket, prepares to target Kalshi next appeared first on Crypto Briefing.

Polymarket is reportedly seeking entry into Japan amid falling trading volumes and rising regulatory scrutiny, targeting approval by 2030.

The prediction market has reportedly appointed a representative in Japan as it aims to secure authorization to operate there by 2030.

Here's how much the attacker has siphon off the platform so far.