Polymarket Replaces Exposed Private Key, Says User Funds Are Safe
Summary
- Polymarket said it replaced an exposed private key linked to an outflow of about $600,000 and that user funds were unaffected.
- Josh, Polymarket’s vice president for DeFi, said neither Polymarket nor the UMA contracts had been hacked and that the platform was operating normally.
- Polymarket added that it revoked the operational permissions tied to the compromised private key and plans to move all private keys to a cloud-based key management system (KMS).
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Polymarket said it has replaced an exposed private key linked to a recent outflow of about $600,000 and that user funds were unaffected.
Josh, Polymarket’s vice president for decentralized finance, wrote in a post on X on May 23 that neither Polymarket nor UMA contracts had been hacked. User funds remain safe, and the platform continues to operate normally.
A six-year-old private key had been compromised, he said. Because the key was used in internal reward-distribution settings, funds were transferred to the associated address.
Polymarket said it has replaced all exposed private keys and revoked their operational permissions. The platform added that it plans to migrate all private keys to a cloud-based key management system, or KMS.
Earlier, on-chain analyst ZachXBT said about $600,000 was drained from two Polymarket-related smart contracts on the Polygon network.
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