WSJ Reports Polymarket Ignoring 'Card Fraud' Concerns Amid Growth Push

Polymarket has been reported to face an attempted $10 million credit card fraud incident, according to the Wall Street Journal. In February, fraudsters allegedly linked stolen debit cards to Polymarket's U.S. accounts to place bets and withdraw funds.

The payment processor for Polymarket reportedly rejected 80% of transactions as fraudulent at one point, far exceeding the industry average of around 1%. Despite these concerns, Polymarket leadership reportedly instructed staff to continue business expansion, with CEO Shane Copland allegedly telling employees that if regulators discovered issues, they would simply pay fines.