Polymarket is experiencing control over $ 7m from Ukraine Mineral Mineral Bet

Polymarket, the largest decentralized prediction market in the world, is under fire, after a controversial result has raised concerns about the potential manipulation of the governance in a high-stake political bet.

A betting market on the platform asked if US President Donald Trump will accept a rare mineral agreement on Earth with Ukraine before April. Despite the fact that such an event did not take place, the market was established as “yes”, triggering a reaction of users and observers in the industry.

This may indicate a “government attack” in which a whale in the UMA protocol “used the voting power to manipulate the oracle, allowing the market to establish false results and successfully”, according to researcher Crypto Threat, Vladimir S.

“Tycoon has thrown 5 million chips through three accounts, representing 25% of the total votes. Polymarket undertakes to prevent this again,” he wrote in a post of March 26.

Polymarket uses Oracle Blockchain of UMA Protocol for external data to solve market results and check events in the real world.

Polymarket data show that the market has accumulated over $ 7 million in trading volume before settling on March 25th.

*Ukraine/US Mineral Deal Paiting Pilming on Polymarket. Source:* *Polymarket*

However, not everyone agrees that it was a coordinated attack. A pseudonym poimarket user, Tenadome, claimed that the result was the result of negligence.

“There is no” tycoon “to manipulate the oracle,” Tenadome wrote in a March x x postadding:

“Voters who have decided this result are the same UMA whales voting in each dispute, which (1) are largely affiliated with/on the UMA and (2) do not trading on Polymarket and have only chosen to ignore clarification to get the rewards and low avoidance.”

Polymarket will not issue a refund

Despite the frustration of users, Polymarket moderators said no refunds will be issued.

“We are aware of the situation regarding the rare Earth market of Ukraine. This market has been resolved against our users’ expectations and our clarification,” said moderator Polymarket Tanner, adding:

“Unfortunately, because this was not a failure of the market, we cannot issue refunds.”

Polymarket said it will build new monitoring systems to ensure that this “unprecedented situation” will no longer appear.

US elections Fuel 565% Prediction Markets Increase

The prediction markets have registered a significant increase in the third quarter of 2024, determined by bets in the presidential elections of the United States.

*The first three prediction markets of crypts. Source:* *Coingercko*

The volume of bets on Ros prediction marketsIt’s over 565% in T3 to reach $ 3.1 billion per three largest markets, up to $ 463.3 million in the second quarter.

Polymarket, the most prominent decentralized platform, dominated the market with a share of over 99% of September.

https://www.youtube.com/watch?v=3dyench-2IS

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