Predict.fun pledges refunds after $400,000 USDT theft

Predict.fun has pledged to reimburse affected users after unauthorised transfers drained approximately 400,000 Tether (USDT) from user wallets.

On-chain data from Bitquery linked approximately 397,708 USDT in unauthorised transfers to 29 user accounts across two waves on 22 and 27 October, without interacting with Predict.fun’s market contracts.

“We will fully reimburse all affected users for any funds lost as a direct result of this incident,” Predict.fun said in its statement.

The BNB Chain prediction market suspects its externally hosted API documentation site may have been compromised, although the precise cause remains under investigation.

Predict.fun has taken the documentation site offline while investigators assess the incident and examine how the unauthorised transfers occurred.

The platform plans to publish a post-mortem detailing the cause of the incident and measures intended to prevent similar security failures.

The incident highlights the security risks surrounding wallet access and third-party developer infrastructure, while reimbursement remains a pledge until payments are confirmed.