Users report drained balances as platform confirms authentication vulnerability
Polymarket has confirmed a recent wave of unauthorized account access, following multiple user reports of missing funds and suspicious login alerts. The company attributed the incident to a vulnerability in a third-party authentication provider, raising renewed concerns about the security risks tied to external login tools in crypto platforms.
Over recent days, users shared experiences of unexpected login notifications followed by balances being wiped without their knowledge. Some accounts reportedly dropped to near-zero amounts, even though users claimed their devices were secure and two-factor authentication was enabled. Losses ranged from small test accounts to thousands of dollars, according to social media posts.
While Polymarket did not publicly identify the provider, users speculated the issue may be connected to an email-based login and wallet creation service widely used to simplify onboarding for newcomers. Such tools automatically generate wallets, making them convenient—but also a potential single point of failure if vulnerabilities arise.
Polymarket stated that the issue affected a small number of users, has since been resolved, and that there is no ongoing risk. However, the company did not disclose the total number of affected accounts or the amount of funds lost. The incident highlights the broader challenge of balancing ease of access with robust security in crypto-based platforms.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.