According to The Block, Polymarket paused all trading activity on its platform after a security incident resulted in the loss of more than $2.5 million within minutes. The company indicated that it had placed the exchange in cancel-only mode to prevent new trades while investigating the event.
Polymarket stated that a third‑party provider associated with the platform was compromised, which contributed to the exploit. No further details were provided about the nature of the compromise or the specific actions taken by the provider.
The move to cancel-only mode allows existing orders to be cancelled but stops new order entry. Polymarket did not announce a timeline for when normal trading might resume.
