Polymark, the largest central predictive market in the world, has shown fire after controversial results raised concerns about potential manipulation of governance in a major political bet.
The betting market on the platform asked whether US President Donald Trump would accept a rare metal deal with Ukraine before April. Although there is no such event, the market was settled as “yes”, which led to a violent reaction from users and observers in the industry.
This may refer to the “governance attack” in which a UMA whale was used by voting to manipulate Oracle, allowing the market to settle the wrong results and successfully benefit, “according to Crypto Vladimir S.
“Qutb threw 5 million symbols through three accounts, which represents 25 % of the total vote. Polymarket is committed to preventing this from happening again.”
source: Vladimir S.
Polymark Oracles Oracles is employed from the UMA protocol for external data to settle the market results and verify events in the real world.
Polymark data shows that the market raised more than $ 7 million in trading volume before settling on March 25.
Ukraine/USA gathered the metal deal on polymers. source: Polymarket
However, not everyone agrees that it was a coordinated attack. Polymarket user, Tenadome, argued that the result was the result of neglect.
There is no “Qutb” who “manipulated Oracle”, Tinadom wrote on March 26 x mailAdding:
“The voters who decided this result are the same whales in Uma, who vote in every conflict, and who (1) largely belong to/on the UMA team and (2) do not trade polymers, and they only chose to ignore the clarification to obtain their rewards and avoid adherence.”
Related to: Trump’s Polymarket whale raises the possibility of manipulation
Polymarket will not be redeemed
Although the user frustrated, the policy supervisors said no recovered amounts have been released.
“We are aware of the situation related to the rare Ukrainian land market. This market has been solved against the expectations of our users and clarification,” said Polymarket Tanner, adding:
“Unfortunately, because this was not a failure in the market, we are not able to make the recovered amounts.”
source: Vladimir S.
Polymarkt said it would build new monitoring systems to ensure that the “unprecedented situation” does not happen again.
Related to: ETORO trading platform public subscription files
US elections are increasing in prediction markets by 565 %
The prediction markets witnessed great growth in the third quarter of 2024, driven by bets in the presidential elections of the United States.
The highest three markets of encryption. source: Coingecko
The volume of betting on the prediction markets increased by more than 565 % in the third quarter to $ 3.1 billion in the three largest markets, up from only 463.3 million dollars in the second quarter.
Polymarket, the most prominent of this decentralized platform, dominated the market with more than 99 % of the share as of September.
https://www.youtube.com/watch?
magazine: Memecoins is DED – but Solana ‘100x is better “despite the decrease in revenues
Related Articles
