<\/p>\n
Polymarket removed a market tied to the fate of a missing US service member after mounting backlash, saying the listing violated its \u201cintegrity standards.\u201d<\/p>\n
The controversy erupted after a prediction market appeared asking whether US authorities would confirm the rescue of a pilot reportedly shot down over Iran, with most users (over 60%) betting that they wouldn\u2019t be rescued until Saturday. <\/p>\n
US Representative Seth Moulton condemned<\/a> the market, calling it \u201cdisgusting\u201d and expressing concerns over people speculating on the fate of a potentially injured service member. \u201cThey could be your neighbor, a friend, a family member. And people are betting on whether or not they’ll be saved,\u201d Moulton wrote. <\/p>\n In response, Polymarket said<\/a> it had taken the market down immediately, adding that it should not have been listed and that the company is reviewing how it passed internal safeguards. The platform did not provide further detail on what specific rule had been breached.<\/p>\n Related: <\/strong><\/em>Polymarket expands into equities and commodities with Pyth price feeds<\/strong><\/em><\/a><\/p>\n While Polymarket said it took the market down because it did not meet its integrity standards, the platform did not specify which rule had been violated, prompting further scrutiny from users.<\/p>\n \u201cI’m looking at the “Market Integrity” page, and I checked the TOS, and I don’t see which prohibition is relevant here,\u201d Jack Newsham, a correspondent on Business Insider’s national desk, wrote<\/a> on X. <\/p>\n As Cointelegraph reported, Polymarket has seen a sharp rise in fees<\/a> and revenue after expanding its fee model on March 30, with daily fees jumping from about $363,000 to over $1 million and revenue nearing $1 million at its peak. The increase follows broader taker fees across categories like finance, politics and tech, as the platform ramps up monetization.<\/p>\n Related: <\/strong><\/em>Crypto VC Paradigm is developing a prediction market terminal: Fortune<\/strong><\/em><\/a><\/p>\n There have also been growing concerns about insider trading on prediction markets. Last month, it was reported that a group of traders made about $1 million<\/a> by correctly betting on the timing of US strikes on Iran, with some placing trades just hours before the attacks. The activity, which involved newly created wallets focused almost entirely on strike-related bets, raised insider trading suspicions. <\/p>\n To address these concerns, at least 42 Democratic lawmakers have urged the<\/a> US Commodity Futures Trading Commission and the Office of Government Ethics to warn federal employees against using non-public information to trade on prediction markets.<\/p>\n Big Questions: <\/strong><\/em>Is China hoarding gold so yuan becomes global reserve instead of USD?<\/strong><\/em><\/a><\/p>\n <\/div>\n Polymarket removed a market tied to the fate of a missing US service member after mounting backlash, saying the listing violated its \u201cintegrity standards.\u201d The controversy erupted after a prediction market appeared asking whether US authorities would confirm the rescue of a pilot reportedly shot down over Iran, with most users (over 60%) betting that […]<\/p>\n","protected":false},"author":2,"featured_media":423458,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-423445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/423445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=423445"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/423445\/revisions"}],"predecessor-version":[{"id":423459,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/423445\/revisions\/423459"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/423458"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=423445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=423445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=423445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Polymarket under scrutiny over rules<\/h2>\n
Insider trading concerns rise on prediction markets<\/h2>\n