WSJ Levels Serious Allegations Against Popular Platform: “We’ll Pay the Fine” Response to Fraud Warnings

A Wall Street Journal report on Polymarket’s US operations contains serious allegations regarding attempted transactions of at least $10 million using stolen bank cards and the company management’s attitude during this process.

According to the WSJ report shared by WuBlockchain on September 20, the attempts in question occurred in February. The report mentions individuals trying to place bets and withdraw funds by depositing money into the platform using stolen cards. The stated amount refers to at least $10 million in attempts; it does not mean the entire sum was successfully withdrawn or that the company incurred a definitive loss of this amount.

According to the report, a payment processor at one point rejected more than 80% of deposits passing through its system due to suspicion of fraud. This rate does not cover all Polymarket users or all of the platform’s transactions; it relates specifically to the transactions identified by the payment processor in question.

Based on claims from sources familiar with the matter cited by the WSJ, CEO Shayne Coplan advocated for continued growth in the face of warnings, suggesting they pay the fine if regulators identified any issues. This narrative is presented as an allegation from individuals mentioned in the report, rather than a finalized finding by a regulatory agency.

Polymarket, on the other hand, stated that it has procedures in place to identify and intervene in suspicious activities and is committed to working with regulatory agencies and law enforcement. The report brings to light new allegations regarding the response to these past transaction attempts.

Source: WuBlockchain