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Fake Polymarket platforms give scammers control over outcomes and withdrawals

Researchers at Recorded Future's Insikt Group found three Russian-speaking teams running full fake platforms that mimic Polymarket, complete with probability charts and trading volumes, where operators can set each victim's win chance anywhere from 0 to 100 and withdrawals stop working once money is deposited. One group, AtlasCore, claimed nearly 11 million dollars in deposits between May 2 and September 18, a figure researchers say may be inflated.

Researchers at Recorded Future's Insikt Group identified three Russian-speaking teams operating fake platforms designed to resemble Polymarket, according to Attack of the Fanboy. The sites mimic the appearance of prediction markets while giving their operators control over victims’ results.

Market displays conceal operator control

The fake platforms include probability charts and trading volumes, according to the outlet’s account of the research. Those features present an apparent trading environment, but operators can assign each victim a win chance anywhere from 0 to 100.

The reported scheme also prevents users from retrieving their funds: withdrawals stop working once money has been deposited. The findings concern platforms impersonating Polymarket, not Polymarket itself.

Deposit claim carries a caveat

One of the groups, AtlasCore, claimed nearly 11 million dollars in deposits between May 2 and September 18. Researchers cautioned that the figure may be inflated, according to Attack of the Fanboy.

That qualification limits what can be concluded about the operation’s scale. The deposit total is a claim by AtlasCore, rather than an independently established measure of the money taken.

What it means for prediction markets

  • Probability charts and trading-volume displays on these impersonation sites do not establish genuine market activity; the reported operators can directly control individual win chances.
  • The withdrawal block makes access to deposited funds a separate issue from any apparent trading result.
  • AtlasCore’s claimed deposit figure should be treated as uncertain when assessing the scale of the reported fraud.
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    Attack of the Fanboy
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