Polymarket Suffers $2.94 Million Theft Incident

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 days ago

SCRT-0.996%

H+5.51%

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Incident Overview: Attackers exploited a third-party vendor compromise to inject malicious code into Polymarket's frontend, resulting in at least 11 user wallets being drained, with an estimated loss of $2.94 million, highlighting escalating security risks in the crypto market.
Impact Assessment: Blockchain analyst Specter estimated the theft at $2.94 million, reflecting the security vulnerabilities users face on the platform, which could undermine user trust and the platform's market reputation.
Platform Response: Polymarket stated it has fully contained the incident, removed the affected dependency, and will fully refund impacted users, aiming to restore user confidence and mitigate potential customer attrition.
Industry Trend Warning: DefiLlama reports that the second quarter saw a record number of crypto security breaches, with June losses totaling $74.9 million, indicating that the entire industry is facing increasingly severe security challenges.

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Technical Analysis for SCRT

Technical Sentiment Analysis for Secret (SCRT). As of , Secret (SCRT) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SCRT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SCRT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Secret (SCRT) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0279	0.0359	0.0443	0.0523	0.0607	0.0687	0.0771
Fibonacci	0.0359	0.0422	0.0461	0.0523	0.0586	0.0625	0.0687

About SCRT

Secret Network is a layer-1 blockchain built on Cosmos which uses TEE technology to ensure all input, output, and state are encrypted by default. This hardware approach is the fastest and most efficient form of confidential computing. Its smart contracts are called Secret Contracts and allow decentralized applications to use private data on Secret, similar to how smart contracts operate on other blockchains. However, Secret Contracts are private by default.Additionally, Secret Network has launched the Secret AI SDK which uses TEE-enabled GPU hardware, integrated with the L1 blockchain, unlocking privacy-preserving decentraized AI. Secret AI allows for end-to-end encrypted LLM models and AI agents, unlocking private chatbots, DeFAI agents, proprietary AI business models, and more.Through interoperability via Cosmos Inter Blockchain Communications standard and further integrations of Secret’s Confidential Computing Layer, it unlocks privacy-preserving smart contracts for public blockchains including Ethereum, major EVM networks, and Solana. Making Secret Network the confidential computing hub of web3 and AI.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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