Invest ideasNews
22 May 2026, 22:25
Polymarket Hit By $700K Exploit: What We Know And Why Experts Say It Could Have Been Worse
Polymarket came under attack earlier on Friday after a contract exploit drained more than $600,000 in crypto. Despite the size of the theft, multiple security analysts emphasized that user funds and market outcomes were not impacted. One expert even argued that the incident could have been significantly worse if additional controls in the compromised contract had been used. The Polymarket Attack According to on-chain sleuth ZacXBT’s findings on the matter, he flagged a suspected exploit involving Polymarket’s UMA CTF Adapter contract on Polygon (POL). At the time of reporting, the total figure associated with the exploit had climbed to nearly $700,000. The breakdown of how the exploit functioned was later detailed by security expert Ox Abdul. In his explanation , the first key point was that the USDC amount—over $600,000—appeared to be a one-time drain taken from a specific wallet on Polygon, identified as 0x8F98, the UMA CTF Adapter Admin. Ox Abdul also described how Polymarket’s automation appears to have contributed to the exploit mechanics. He said Polymarket’s top-up system was repeatedly sending 5,000 POL about every 30 seconds to keep an oracle gas wallet funded. Rather than stealing once, the attacker waited for each refill and then swept it for roughly 120 cycles over the course of about 70 minutes, which he estimated as around 600,000 POL . Importantly, the continued POL losses, in this account, were attributed to how quickly Polymarket’s detection and response happened. The exploit was ultimately stopped after the keys were rotated. How The Exploit Could Have Been Worse After draining the refills, Ox Abdul said the exploiter then exited via 16 sub-addresses using ChangeNOW. Even with the damage limited, he warned that the situation had potential red flags beyond the theft itself. In his view, the compromised admin wallet was not only holding USDC and POL; it also carried “resolveManually rights” on the UMA Adapter. Those manual resolution permissions , he explained, could bypass the oracle and allow an attacker to force any market outcome on Polymarket. Ox Abdul laid out what “worse” could have looked like in practical terms. He said the attacker could have taken large positions in specific markets, then flagged those markets for manual resolution, waited out the roughly one-hour safety window, and finally used resolveManually to resolve markets in favor of their positions. Following the incident, Josh Stevens, a leading developer at Polymarket, later provided additional context via social media. Stevens attributed the issue to a compromised 6-year-old private key, explaining that it was included in an internal top-up configuration—so funds were being sent to the key while it remained active. He added that the key has been rotated, all production permissions have been revoked, and the company is moving all private keys to KMS-managed keys going forward. Federal Investigation Launched While the technical incident was unfolding, Polymarket was also dealing with regulatory scrutiny on Friday. As Bitcoinist reported , Rep. James Comer, chairman of the House Oversight and Government Reform Committee, announced a formal investigation into prediction market platforms Polymarket and Kalshi. Comer said the committee is seeking information from the CEOs of both companies regarding their efforts to prevent insider trading on their platforms. In his letter, he requested documents and details on how both platforms implement identity verification for domestic and international account holders, enforces geographic restrictions, and detect anomalous trading activity to help prevent insider trading across their global platforms. In a separate development, Bloomberg reported that Polymarket has appointed a representative in Japan while preparing to lobby for authorization of prediction markets in the country. According to sources cited in the report, Polymarket’s goal is to obtain government approval in Japan by 2030. Featured image created with OpenArt, chart from TradingView.com
22 May 2026, 22:21
Harvard exits $87 million ETH ETF as price dips 10%
🗞️ Harvard sold its entire $87 million stake in $ETH ETF. The move happened as ETH prices fell 10% in a month. Continue Reading: Harvard exits $87 million ETH ETF as price dips 10% The post Harvard exits $87 million ETH ETF as price dips 10% appeared first on COINTURK NEWS .
22 May 2026, 22:11
SEC delays tokenized stock trading plan: blood-red session for BTC, ETH, SUI, and more
22 May 2026, 22:08
SpaceX announces Mars commander with $300 million in BTC
🚀 SpaceX chooses crypto investor Chun Wang to command its first crewed Mars mission. He manages $300 million in BTC and leads the F2Pool mining pool. 🪐 Critical data: SpaceX holds 8,285 $BTC and eyes a $1.75 trillion IPO. Continue Reading: SpaceX announces Mars commander with $300 million in BTC The post SpaceX announces Mars commander with $300 million in BTC appeared first on COINTURK NEWS .
22 May 2026, 22:00
Here’s The 411 Behind The Famous $50 XRP Candle On Gemini In 2023
While discussions about XRP’s current price action mount across the community, a crypto analyst is resisting one of the most talked-about moments in the market. This review has triggered renewed hope about the altcoin’s future performance and potential to reach audacious levels. XRP Touches The $50 Level On Gemini CharuSan, a crypto analyst and engineer, has reignited interest in the famous $50 XRP candle that took place on the Gemini platform years ago. At the moment, the cryptocurrency space was engulfed in heated speculation due to the extraordinary price surge, with some seeing this as an indication of its true potential. To date, the notorious candle continues to be one of the most enigmatic moments in recent cryptocurrency trading history as interest in historical market anomalies increases. In his post on the social media platform X, the expert has shed light on the truth behind this move in August 2023. Given the distance from its value at that time, there were speculations that the move was a glitch or a glimpse into hidden market dynamics . However, CharuSan claims that this was not a glitch; rather, it was a 100% real market event and a perfect example of catastrophic slippage. When the altcoin was relisted on the American-based cryptocurrency exchange, the liquidity around the order books was flat. After that, a market buy order immediately devoured all available sell orders on the exchange, sweeping the book until it executed a rogue sell order sitting at precisely the $50 zone. An interesting part about this move is that it only took about $37,000 in volume to launch the price of XRP to $50. The Mathematical Theory Behind The Sudden Move According to the expert, this event is the absolute mathematical proof of why tier-1 banks are unable to just depend on on-demand sourcing during peak volumes . This implies that these banks must hold XRP in their own isolated liquidity pools. If a mere $37,000 can lead to a catastrophic slippage on a thin book, the system would be totally frozen by an institutional cross-border transfer worth billions of dollars. However, this is possible if the liquidity required is not already deeply pooled and locked by the banks themselves. In order to prevent this exact pattern, financial giants cannot just plug into ODL as passive users. Instead, they require pre-funded, locked capital and dedicated XRP liquidity pools under their own management. At the same time, the Gemini candle proved that without deep, bank-held liquidity pools, managing global institutional volume is mathematically impossible. CharuSan highlighted that investors cannot carry out massive transfers at low price tags like $20 and $30. His analysis is backed by the fact that these transfers could trigger catastrophic slippage, leaving traders completely unable to control both the market and the transactions. “So, by now you should understand what a massive issue slippage is, and why deep liquidity is mandatory to control it,” the expert concluded. At the time of writing, the XRP price was trading at $1.38.
22 May 2026, 22:00
SUI introduces gasless stablecoin transfers – What should you expect now?
SUI’s "zero-fee" stablecoin model faces questions over real DeFi impact.
