A gaggle of crypto merchants are planning to launch authorized motion towards prediction platform Polymarket after its controversial $242 million Volodymyr Zelenskyy swimsuit market concluded final evening.
The decision over “Will Zelenskyy wear a suit before July?” was disputed a number of instances and ultimately settled on “No” on Tuesday.
Nevertheless, many onlookers and Polymarket customers described the end result for example of “market manipulation” resulting from a small variety of UMA token holders dictating the end result of the guess — even when the conclusion was seen by many as being factually incorrect.
Consequently, X consumer defipolice instructed Protos that he’s reaching out to legal professionals and discussing the potential for authorized motion towards Polymarket.
Defipolice additionally instructed Protos they’ve misplaced over $400,000 on the guess and joins different customers within the “PolyWhale Repellers” Discord which have drafted a settlement proposal accusing Polymarket of fraud.
Others are reaching out to the European Fee and varied regional playing authorities to focus on the market’s seemingly unfair conclusion.
Some X customers even floated the concept of using the providers of Burwick Legislation, the crypto-focused litigation agency which will or might not have by accident launched a memecoin.
No authorized motion is at the moment underway towards Polymarket over its swimsuit debacle, however primarily based on discussions Defipolice has held with legal professionals, they consider “we will win the legal side of things.”
They instructed Protos, “I wanted to be a little cautious on the legal side of things, but yeah, I am talking to a few lawyers.”
“It’s only been a few hours, so we’ll decide as a community what are the next steps,” they concluded.
Regardless of the backlash, Hart Lumbur, co-founder of UMA, the oracle system that underpins Polymarket, instructed WIRED yesterday that “There is no evidence of manipulation of UMA,” including, “I really don’t like those meritless accusations.”
Lumbur added that he’s trying into making tweaks to the decision course of following the swimsuit controversy.
