Hackers hit top financial platforms — users suffer staggering losses

Two popular financial platforms came under attack Thursday within hours of each other. The cryptocurrency platform Binance and prediction market platform Polymarket both suffered huge losses totaling billions of dollars, and it was all stolen directly from users’ accounts.

Both platforms are juggernauts in their categories. Binance is by far the biggest cryptocurrency exchange on the planet, boasting 335 million users, which makes it a prime target for hackers. Meanwhile, Polymarket is the leading prediction market, edging out Kalshi for global dominance.

Binance revealed that it set aside $6.34 billion to recuperate the losses suffered by its users.

Binance was the first to take a hit. According to an official post sent out by the company’s X account:

Our teams are aware of reports of a potential security issue and are actively investigating. User funds are completely safe.

Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information.

Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.

Unfortunately, the claim that user funds were safe and secure quickly fell apart. In the next 24 hours, Binance revealed that it set aside $6.34 billion to recuperate the losses suffered by its users, all of which Binance vows to pay back in full.

Users can currently deposit money into their Binance accounts, but withdrawals are paused as the company works with law enforcement and blockchain experts to investigate the attack. So far, they know it is linked to TraderTraitor, a hacking group based in North Korea.

RELATED: Another major AI attack hits the internet — this time targeting the backbone of American capitalism

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Around the same time, Polymarket was hacked, with bad actors siphoning $2.7 million from 737 users’ accounts. The attack was made possible through a vulnerability in a third-party system that allowed the attackers to intervene in active trading sessions and take funds.

Just like Binance, Polymarket has vowed to repay the affected users. Trading on Polymarket was halted temporarily while the issue was resolved. All systems are now back online.

Although the Polymarket story may be over, the Binance debacle is still developing, even as it closes out a tumultuous Black October. Blaze News will have an update on the latest early next week as more details unfold.

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