“polymarket let a single trader use 350 accounts to steal $5 million by moving bitcoin prices during settlement”
An on-chain investigation revealing how a single entity extracted over $5m from Polymarket's crypto markets using 350+ accounts. The piece walks through the manipulation mechanism — accumulating positions on Polymarket then moving Binance's BTC price during settlement windows — and traces the fund flow through Hyperliquid wallets to Binance. Includes specific suggestions for TWAP-based settlement and account-level enforcement.
Some technical background helpful
Platforms mentioned: Polymarket, Binance, Hyperliquid