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Polymarket Sued Over Bitcoin Prediction Market Dispute Related to Strategy Sale

AirdropBlackHole
On July 7, two plaintiffs filed a lawsuit against Polymarket, accusing it of breach of contract and deceptive practices in a prediction market concerning whether Strategy would sell Bitcoin by the end of May. According to a complaint submitted to the New York State Supreme Court on July 3, plaintiffs William Wood and Thomas Bush named Polymarket, its CEO Shayne Coplan, CMO Matthew Modabber, and other related entities and individuals as defendants. The complaint states that the two plaintiffs held a 'Yes' position in a binary prediction market that asked whether Strategy would sell any Bitcoin holdings before May 31. According to a Form 8-K filed by Strategy with the U.S. Securities and Exchange Commission (SEC), the company did sell 32 Bitcoins (BTC) between May 26 and May 31. However, the plaintiffs noted that Polymarket ultimately ruled the market as 'No.' They claimed that the platform added a clarification before settlement, effectively changing the criteria from 'whether the sale was completed before May 31' to 'whether it was publicly confirmed that the sale had occurred before May 31.' Due to this change in criteria, despite Strategy having sold Bitcoin within the deadline, the prediction market was ultimately ruled 'No' on June 3 through a UMA vote, the mechanism Polymarket uses to adjudicate disputed markets.
BTC-1.55%
UMA-2.38%
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