Polymarket’s $7M Screw-Up: Users Cry Foul Play!

Polymarket, the so-called “prediction” market, is getting a serious spanking after a $7 million blunder. 🙄

Imagine betting on something and losing because the outcome was like, “Surprise! We just made that up!” 😵

Polymarket’s $7M Fiasco: How They Screwed the Pooch

So, there was this market: “Will Ukraine sell its minerals to Trump by April?” And guess what? It “resolved” as “Yes” without any official peep. 🤔

Polymarket’s own rules said, “We go by what the big guys in the US and Ukraine say.” But nah, they just went with “Yes” and chaos ensued. 🌪️

“Polymarket’s got some ‘splainin’ to do,” said an angry user on X.

Oh, and get this: two similar markets with peanuts for betting volumes got a “No.” But this time, with $7 mil on the line, it’s a “Yes.” Coincidence? I think not. 🐘

Some big-shot users, or “UMA whales,” manipulated the whole thing. One guy alone cast 5 million votes. That’s like, what, 25% of the whole shebang? 🐋

Rigged or Just Incompetent? You Decide!

And it’s not just this time. Polymarket’s got a history of this shenanigans. Just ask Folke Hermansen. He’s got the receipts. 📝

“Polymarket’s like that friend who always ‘forgets’ their wallet,” Hermansen posted.

He spills the tea on how they’ve scammed millions before. Like the “Gold missing from Fort Knox” market. Poof! $3.5 million gone. Magic! ✨

UMA’s supposed to be this neutral, fair system. But it’s like high school: follow the popular kids or get left behind. And these whales? They’re the popular kids with all the power. 🐟

“UMA’s like a popularity contest, but with real money on the line,” Hermansen said.

So, if you’re thinking of betting on Polymarket, maybe just flip a coin instead. It’s just as reliable. 🤷‍♂️

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2025-03-26 15:08