{"id":125848,"date":"2025-03-26T13:17:20","date_gmt":"2025-03-26T13:17:20","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125848"},"modified":"2025-03-26T13:17:20","modified_gmt":"2025-03-26T13:17:20","slug":"polymarket-faces-scrutiny-over-7m-ukraine-mineral-deal-bet","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125848","title":{"rendered":"Polymarket faces scrutiny over $7M Ukraine mineral deal bet"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsPolymarket, the world\u2019s largest decentralized prediction market, is under fire after a controversial outcome raised concerns over potential governance manipulation in a high-stakes political bet.<br \/>\nA betting market on the platform asked whether US President Donald Trump would accept a rare earth mineral deal with Ukraine before April. Despite no such event occurring, the market was settled as \u201cYes,\u201d triggering a backlash from users and industry observers.<br \/>\nThis may point to a \u201cgovernance attack\u201d in which a whale from the UMA Protocol \u201cused his voting power to manipulate the oracle, allowing the market to settle false results and successfully profit,\u201d according to crypto threat researcher Vladimir S.<br \/>\n\u201cThe tycoon cast 5 million tokens through three accounts, accounting for 25% of the total votes. Polymarket is committed to preventing this from happening again,\u201d he wrote in a March 26 X post.<br \/>\nSource: Vladimir S.Polymarket employs UMA Protocol\u2019s blockchain oracles for external data to settle market outcomes and verify real-world events.<br \/>\nPolymarket data shows the market amassed more than $7 million in trading volume before settling on March 25.<br \/>\nUkraine\/US mineral deal betting pool on Polymarket. Source: PolymarketStill, not everyone agrees that it was a coordinated attack. A pseudonymous Polymarket user, Tenadome, argued that the outcome was the result of negligence.<br \/>\n\u201cThere is no \u2018tycoon\u2019 who \u2018manipulated the oracle,\u2019 Tenadome wrote in a March 26 X post, adding:<br \/>\n\u201cThe voters that decided this outcome are the same UMA whales who vote in every dispute, who (1) are largely affiliated with\/on the UMA team and (2) do not trade on Polymarket, and they just chose to ignore the clarification to get their rewards and avoid being slashed.\u201d<br \/>\nRelated: Polymarket whale raises Trump odds, sparking manipulation concerns<br \/>\nPolymarket won\u2019t issue a refund<br \/>\nDespite user frustration, Polymarket moderators said no refunds would be issued.<br \/>\n\u201cWe are aware of the situation regarding the Ukraine Rare Earth Market. This market resolved against the expectations of our users and our clarification,\u201d Polymarket moderator Tanner said, adding:<br \/>\n\u201cUnfortunately, because this wasn\u2019t a market failure, we are not able to issue refunds.\u201d<br \/>\nSource: Vladimir S.Polymarket said it will build new monitoring systems to ensure this \u201cunprecedented situation\u201d does not occur again.<br \/>\nRelated: eToro trading platform publicly files for US IPO<br \/>\nUS elections fuel 565% prediction markets rise<br \/>\nPrediction markets saw significant growth in the third quarter of 2024, driven by bets on the United States presidential election.<br \/>\nTop three crypto prediction markets. Source: CoinGeckoThe betting volume on prediction markets rose over 565% in Q3 to reach $3.1 billion across the three largest markets, up from just $463.3 million in the second quarter.<br \/>\nPolymarket, the most prominent such decentralized platform, dominated the market with over a 99% share as of September.<br \/>\nMagazine: Memecoins are ded \u2014 But Solana \u2018100x better\u2019 despite revenue plunge<a href=\"https:\/\/cointelegraph.com\/news\/polymarket-trump-ukraine-bet-whale-governance-attack?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsPolymarket, the world\u2019s largest decentralized prediction market, is under fire after a controversial outcome raised concerns over potential governance manipulation in a high-stakes political bet. A betting market&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125848"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125848"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125848\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125848"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}