Scammers are using the Polymarket platform to deceive traders

The prediction platform Polymarket is once again in the spotlight — this time because hackers are using the platform’s comment section to carry out scams.

This was reported by one of the traders under the nickname 25usdc. He wrote on social media that hackers had exploited Polymarket’s comment section for fraudulent activity, and so far users have lost more than $500,000.

They say: “Why don’t you trade on Polymarket’s private markets? It’s always much more profitable there!” — wrote 25usdc.

According to him, it all starts when the scammers buy Yes and No shares on the market using two different accounts. This way, their comments remain visible even when the “Owners” filter is enabled. After that, they post the URL of their website in an encrypted form.

The URL redirects unsuspecting users to a page with the Polymarket logo, asking them to log in using their email. After confirmation, a new window appears requesting an activity verification, mimicking CloudFlare.

Eventually, they collect the data, log everything on your system, and send the archive to their server. Then they use this data to access your accounts and steal your funds, 25usdc wrote.

He also noted how meticulous the scammers are: for instance, they cover their tracks, frequently change wallets, obscure their trail at every stage, and even shut down the server that sends payloads and receives logged data when no active victim is present.

See also: "Square Integrates Bitcoin Payments Across 4 Million Retail Locations"

#Polymarket #scams

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