WSJ reports Polymarket fraud attempt involving at least $10M and CEO guidance to prioritize growth

The Wall Street Journal reported that fraudsters linked stolen debit cards to Polymarket US accounts in February, attempting to move at least $10 million through wagers and withdrawals ^[1].

The WSJ said that, in at least one instance, Polymarket’s payment processor rejected more than 80% of deposits it handled as fraudulent, versus an industry norm of roughly 1% ^[1].

According to people familiar with the events cited by the WSJ, CEO Shayne Coplan told employees to keep prioritizing growth and to pay a fine if regulators ever found out ^[1].

Crypto.news and Crypto Briefing both reported scrutiny of Polymarket following the alleged $10 million stolen-card fraud and the unusually high rate of rejected deposits on its US platform, with Crypto Briefing framing the episode as prioritizing growth over compliance amid a fraud probe ^{[2] [3]}.

Coindoo noted that Polymarket US accepts dollars through conventional payment systems, while an international platform uses blockchain settlement, and said this separation is relevant to understanding what failed and what blockchain could not have prevented ^[4].