Polymarket Halts Trading as Users Report $1.4 Million Drained

Polymarket halted all trading on Thursday, about 20 minutes after a trader posting as Car on X said $800,000 was drained from his account and a friend lost $600,000, bringing reported losses to $1.4 million. At 18:05 UTC, Polymarket’s status page reported an outage and said the exchange entered cancel-only mode while investigating an unnamed incident, so users can cancel orders but cannot buy or sell. Polymarket has not said whether it was hacked, tied the outage to the drain reports, or named a cause, victim count or loss total. In June, an outside-vendor code attack on its website took $3 million from fewer than 15 accounts, and Polymarket pledged refunds; no such pledge has been made for Thursday.