Polymarket US platform hit by debit card fraud; CEO reportedly prioritized growth over compliance

In February, a payment processor for Polymarket's US platform reported a surge in fraudulent activity involving stolen debit cards. Attackers attempted to siphon at least $10 million by linking stolen cards to accounts and withdrawing funds. Reports indicate that the processor rejected over 80% of deposits as fraudulent, significantly higher than the industry average of 1%. Sources claim that CEO Shayne Coplan dismissed internal compliance concerns, instructing staff to continue growth and pay potential regulatory fines if caught.