ChainCatcher report: In February, a company processing debit card transactions for the Polymarket U.S. betting platform reported that fraudsters were flooding the app. Users were linking stolen debit cards to their Polymarket U.S. accounts to place bets and withdraw funds to clean cards or accounts under their control, attempting to steal at least $10 million. The processor once rejected over 80% of deposits as fraudulent—far exceeding the industry standard of approximately 1%. Polymarket employees raised concerns with CEO Shayne Coplan. According to insiders, the compliance team was shocked by Coplan’s response: keep growing, and pay fines if regulators catch on.
Polymarket US platform faces debit card fraud; CEO advises paying fines.
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Summary
The Polymarket US platform has faced debit card fraud, with the CEO advising users to pay fines. Fraudsters linked stolen cards to accounts, attempting to steal at least $10 million. A payment processor rejected over 80% of deposits as fraudulent—far exceeding the industry norm of 1%. Employees raised concerns with CEO Shayne Coplan, who reportedly urged continued growth. Traders are now turning to altcoins amid rising market uncertainty. The Fear & Greed Index shows mixed signals as the sector navigates regulatory and security challenges.
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