Polymarket hits $1B revenue but faces hack and controversy

Polymarket has announced record trading volumes during the 2026 FIFA World Cup. The platform also recently reported annualised revenue exceeding $1 billion. However, the company has faced setbacks, including a major security breach and ongoing controversies. The platform experienced a surge in activity during the World Cup, breaking its previous trading records. Yet, its growth has not been without issues. Earlier, Polymarket drew criticism for paying influencers to promote misleading advertisements. The Wall Street Journal revealed the company amplified these ads using a network of social media accounts.

More recently, hackers exploited a vulnerability in a third-party vendor’s system to breach Polymarket’s frontend. They injected a malicious script, gaining access to user accounts. Approximately $3 million in cryptocurrency was transferred from compromised accounts to Ethereum. The attack may have been part of a wider phishing scheme targeting crypto wallets.

Polymarket confirmed funds were stolen from affected users. The company stated it would notify all impacted users and fully refund any lost money. The incident highlights security risks in the crypto trading space. Polymarket has committed to reimbursing users, but the breach raises concerns about third-party vulnerabilities. Despite the setbacks, the platform continues to report strong financial performance.