Polymarket suspended trading amid reports of user funds being drained

The prediction markets platform halted trading on Thursday after it reported one of its third party providers had been compromised.

Prediction markets company Polymarket reported its Predictions Trading API had experienced a “major outage,” resulting in the platform temporarily halting trading.

In a Thursday update to its status page, Polymarket said that the platform was in “cancel-only” mode after it had identified and fixed an issue impacting its operations. As of 7:05 pm UTC, the platform reported all its systems were operational.

“One of our third party providers was compromised, and we have referred this to relevant law enforcement,” said Polymarket. “Anyone who has been impacted will be made whole.”

The suspension of trading came as several users claimed online that their Polymarket accounts had been drained of thousands of dollars after their positions were sold without their consent.

This is a developing story and more information will be added as it becomes available

Related: Coinbase denies systems breach, says vendor exposed customer data

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