WSJ Says Polymarket Stayed Focused on Growth Despite Fears of $10 Million Stolen-Card Fraud

Polymarket was targeted in an attempted stolen-card fraud scheme involving at least $10 million, according to a Wall Street Journal report. Despite those concerns, the prediction-market platform remained focused on expanding its business.

Wu Blockchain reported on September 20, citing the Journal, that fraudsters linked stolen debit cards to U.S. Polymarket accounts in February, then tried to siphon off at least $10 million through bets and withdrawals.

At one point, Polymarket's payment processor rejected more than 80% of deposits as fraudulent, far above the industry average of about 1%.

Even so, Polymarket executives were said to have told employees to keep expanding the business. Citing multiple people familiar with the matter, the Journal reported that CEO Shayne Coplan told staff that if regulators found problems, the company could pay a fine.