Polymarket suffers UMA management attack after Rouge actor becomes top-5 token staker
A rogue actor operating from an Ethereum wallet ‘Borntolate.eth’ engaged in a UMA management attack, a Oracle-used Oracle-made decision used by the Polymarket, to attack the outcome of a Ukraine-themed contract by becoming one of the largest holders of the tokens of the UMA tokens.
UMA is a decentralized “optimistic” Oracle Protocol that solves misunderstandings in the prophecy markets by allowing token holders to vote on harmful outcomes. It faces part of the controversy for resolving disputed markets, such as Barron Trump’s involvement in a presidential meme cointhe nature of ‘Search’ the Oceandate submarineand The controversial election of VenezuelaDrawing criticism due to subjective decisions that some market participants failed.
On-chain data shows that Bornolate.eth has approximately 1.3 million UMA tokens, making them a top-5 staker management and have given them a significant slowdown in resolving UMA disputes.
In the case of the Ukraine themed market that has been attacked, the question contract with bettors To imagine the possibility of a deal signed involving access to the US at the rate of Earth’s resources in the country by the end of March.
A deal is in the works, reportsBut no one is signed. And yet in the polymarket, it resolved ‘yes’ after Bornolate.eth used his staked UMA tokens to vote ‘yes’ in resolution.
A very uncomfortable -useful approach to trading
Interestingly, this attack does not seem to have noted a large payday for any of the participants.
The market data from the on-chain curator Polymarket Analytics It is shown that the largest winner from the contract has returned to more than $ 55,000.
Also, losses are relatively modest compared to other closely watched polymarket contracts with the largest loser lost to around $ 73,000.
A page of the Ethercan For Bornolate.eth shows that the actor began to accumulate Uma’s tokens for a year ago. Provided their holdings of more than 1.3 million tokens, building a Treasury type for attacking would cost more than $ 2 million.
For its part, the Polymarket said no refunds would be released because it was not a “market failure” and said in a statement to the discord that it was working on the UMAracle team to prevent it from happening again.
“This market has resolved against the expectations of our users and our clarification,” a speaker posted on the discord. “We are committed to developing the future of predicting markets, which requires the development of elastic systems where everyone can trust.”
Polymarket founder Shayne Coplan did not immediately respond to a request for comment.
