Last night, the issue of governance was reported in Polymarket, where it is claimed that a large UMA holder uses voting at the last minute to manipulate the system, avoid losses, and profit from the outcome of the inaccurate market.
The market concerned was about whether Ukraine would sign a metal agreement with Trump before April. As of the market settlement, there is no official agreement. While Trump said he “expects” the deal to be signed soon, it has not been signed or officially announced.
Nevertheless, Polymarket decided as a result of “yes”, which raised concerns about fairness, as the rules seemed to allow the results to be changed to prevent losses.
UMA Tycoon controls 25 % of the sounds for profit
UMA used its power to vote to treat the Oracle, causing the market to settle the wrong results and achieve profit. By throwing 5 million symbols across three accounts, they took control of 25 % of the sounds.
Polymark confessed to the problem with the rare Earth market, as the result did not match the user’s expectations. Since it was not a market failure, Polymarkt has shared that they could not provide the recovered amounts. Polymarket works with UMA to prevent this from happening again and focuses on improving their systems, rules and clarification.
Negligence or manipulation? Polymarket and UMA actions at the last minute lead to controversy
However, x user He pointed out that there was no governance attack and this was just a severe neglect of both polymers and UMAPROTCOL.
It started with a user who suggested an answer “Yes” to a market around Ukraine, which gives Trump rare ground minerals before April, which was disputed, the start of the UMA vote. After committing all the votes, Polymark issued an explanation at the last minute, saying that the market was not ready for a solution yet. Nevertheless, the voters in Uma revealed the voices of “yes” to avoid sanctions, as they could refrain from voting or wrapped it.
“Yes” voting prevailed, and the market eventually resolved in line with the Oma decision, instead of clarifying polymarket at the last minute. The user highlighted that the confusion stems from the late polymer intervention, which would have been more effective if previously released. UMA whales, which are constantly involved in these conflicts, voted strategically to protect their rewards, rather than trying to manipulate the system.
