Polymarket Under Fire Over $7 Million Ukraine Mineral Deal Bet
Polymarket, the world’s largest decentralised prediction market, is facing scrutiny after a controversial outcome in a high-stakes political bet raised concerns over potential governance manipulation.
A betting market on the platform asked whether former US President Donald Trump would accept a rare earth mineral deal with Ukraine before April. Despite no such agreement being made, the market was settled as “Yes,” sparking backlash from users and industry observers.
Crypto threat researcher Vladimir S. suggested the incident could be a “governance attack,” pointing to a whale from the UMA Protocol who allegedly used voting power to manipulate the oracle and settle the market incorrectly.
Ukraine/US mineral deal betting pool on Polymarket. Source: Polymarket
“The tycoon cast 5 million tokens through three accounts, accounting for 25% of the total votes,” Vladimir S. wrote in a 26 March post on X. “Polymarket is committed to preventing this from happening again.”
Polymarket relies on UMA Protocol’s blockchain oracles to verify real-world events and settle market outcomes. Data from the platform reveals the market had amassed over $7 million in trading volume before settling on 25 March.
SEC to Host Four More Crypto Roundtables
The US Securities and Exchange Commission (SEC) has announced plans to host four additional crypto roundtables, focusing on trading, custody, tokenisation, and decentralised finance (DeFi). This follows its first crypto roundtable held on 21 March.
Organised by the SEC’s Crypto Task Force, the next discussion will take place on 11 April and will address regulatory frameworks for crypto trading. A roundtable on crypto custody is scheduled for 25 April, followed by one on tokenisation and on-chain asset movement on 12 May. The final session, set for 6 June, will explore the challenges and regulations surrounding DeFi.
“The Crypto Task Force roundtables are an opportunity for us to hear a lively discussion among experts about what the regulatory issues are and what the Commission can do to solve them,” said SEC Commissioner Hester Peirce, who leads the task force.
Details regarding the agenda and speakers for each session have yet to be disclosed.
Ripple and SEC Reach Final Agreement in Long-Running Case
Ripple Labs appears to be putting an end to its four-year legal battle with the SEC, pending court approval.
In a 25 March post on X, Ripple’s Chief Legal Officer, Stuart Alderoty, announced that the blockchain firm would drop its cross-appeal against the SEC in the US Court of Appeals for the Second Circuit. This means the August 2024 ruling from the US District Court for the Southern District of New York, which found Ripple liable for $125 million, will largely stand. However, the SEC will retain only $50 million in escrow, with the remaining amount refunded to Ripple.
Source: Stuart Alderoty
“The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC’s request,” Alderoty wrote. “All subject to Commission vote, drafting of final documents and usual court processes.”
The announcement comes days after Ripple CEO Brad Garlinghouse confirmed the SEC would drop its appeal against the August 2024 judgment. Court records indicate no filings in the Second Circuit since 31 January or in the Southern District of New York since October.
Alderoty previously stated that both Ripple and the SEC dropping their respective appeals would allow the lower court’s ruling to stand. However, both parties may still approach US District Judge Analisa Torres to request a modification of the judgment.
