Two major trading platforms — Binance and Polymarket — were investigating security incidents on Thursday, with the former facing potential losses in the billions. There’s no evidence the incidents were related. Binance, the world’s largest cryptocurrency exchange by trading volume, said it was actively investigating reports of a “potential security issue.” In an update late
Trading has resumed on Polymarket’s flagship international platform after a hack that drained money from the wallets of some traders. A third-party vendor based in the United Kingdom was breached, not the prediction market’s website itself. Law enforcement in the UK have been notified of the incident, the company said. Trading was initially paused while
Polymarket temporarily halted trading on its international platform Thursday because of a security incident that compromised a third-party provider, the company said. Trading was paused for about an hour and resumed Thursday afternoon. The company has promised to fully reimburse any affected traders. The prediction market platform said it halted trading “out of an abundance
Polymarket has removed a contract from its prediction market platform that allowed users to wager on whether any of the seven men accused of raping a Cornell student in 2024 will be charged with a felony sex crime. The market was made available on Sept. 30 and was slated to close on Jan. 31. It
As prediction markets like Kalshi and Polymarket are increasingly being used for sportsbetting, athletes are warning of the negative and even violent consequences of these platforms on players. At the Fortune Most Powerful Women Summit in Santa Barbara, California on Tuesday, Nneka Ogwumike, former Los Angeles Sparks forward, 2016 MVP, and 11-time All-Star in the
In 2006 Congress passed a law called the Unlawful Internet Gambling Enforcement Act, which didn’t ban online betting but rather, banned banks from processing payments for it. It carved out one exception: fantasy sports, because Congress considered it a game of skill, not a game of chance like betting on a single game is. And
