POLYMARKET found itself at the center of a very unpleasant story.
According to an WSJ investigation, via the platform, an alleged fraud scheme was attempted involving approximately $10M in stolen cards → account top-ups → bets → withdrawals to “clean” cards and accounts.
The most alarming moment is that at some point, at the payment provider, more than 80% of deposits were rejected as fraudulent, compared with roughly 1% usually across the industry.
Polymarket denies that it ignored requirements and says it has strengthened its antifraud controls.
But if the allegations are confirmed, the issue is no longer just the fraudsters—it’s also how quickly the platform responded to its own red flags.
According to an WSJ investigation, via the platform, an alleged fraud scheme was attempted involving approximately $10M in stolen cards → account top-ups → bets → withdrawals to “clean” cards and accounts.
The most alarming moment is that at some point, at the payment provider, more than 80% of deposits were rejected as fraudulent, compared with roughly 1% usually across the industry.
Polymarket denies that it ignored requirements and says it has strengthened its antifraud controls.
But if the allegations are confirmed, the issue is no longer just the fraudsters—it’s also how quickly the platform responded to its own red flags.