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Polymarket Freezes $164,000 After Private Key Leak Exposes Internal Wallets

 A recent security incident involving decentralized prediction market platform Polymarket has resulted in the freezing of approximately $164,000 in digital assets after an old private key leak allowed unauthorized transfers from internal wallets. The frozen amount represents around 28.6% of the total $573,200 that had been moved by attackers during the incident.

According to Josh Stevens, Vice President of Engineering at Polymarket, the platform itself was not compromised, and user funds remain safe. Stevens emphasized that neither the Polymarket infrastructure nor the smart contracts operated by UMA were affected by the breach. He reassured users that the platform continued to function normally throughout the incident.

The issue reportedly originated from a private key that had been exposed for nearly six years. This key was linked to an internal deposit configuration system, which unintentionally continued routing funds toward affected addresses even after the vulnerability existed unnoticed for years. Because private keys serve as critical access credentials in blockchain systems, any exposure can grant attackers full control over associated wallets and transactions.

Following the discovery of the breach, Polymarket worked with well-known blockchain investigator ZachXBT alongside crypto-related organizations BitcoinVN and ChangeNOW to trace and freeze part of the stolen funds. Their coordinated effort successfully secured $164,000 before the remaining assets could be fully laundered or transferred beyond recovery.

Despite the partial recovery, a significant portion of the stolen assets remains unaccounted for. Polymarket stated that its team is continuing to monitor blockchain movements connected to the exploit in hopes of identifying additional opportunities to recover the remaining funds.

The incident highlights the ongoing security challenges faced by cryptocurrency platforms, particularly regarding long-term key management and operational security. Even outdated credentials that appear inactive can still pose major risks if they remain connected to live systems or configurations. In decentralized finance and crypto infrastructure, where transactions are irreversible, protecting private keys remains one of the most important aspects of operational security.

While Polymarket has stressed that customer balances and core smart contracts were never in danger, the breach serves as another reminder of how historical vulnerabilities can unexpectedly resurface years later. The company’s rapid response and collaboration with blockchain investigators helped limit the damage, but the event underscores the importance of continuous auditing and secure credential management across the crypto industry.

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