• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

US DOJ Investigates Polymarket Over Potential Legal Violations

user avatar

by Giorgi Kostiuk

a year ago


The US Department of Justice has initiated an investigation into Polymarket, a cryptocurrency-based prediction market platform, for alleged US law violations.

Background of the Investigation

Polymarket is a platform that allows users to bet on the outcomes of real-world events, including elections. In 2022, the company settled with the Commodity Futures Trading Commission (CFTC) by paying a $1.4 million fine for alleged legal violations. However, new information suggests that US-based users may still be accessing the platform, prompting the DOJ's current investigation.

Reaction to the FBI Raid

Tensions between Polymarket and the US government escalated following an FBI raid at the home of Polymarket CEO Shayne Coplan in Manhattan. During the raid, agents reportedly seized Coplan’s phone and other electronic devices. This incident occurred shortly after Polymarket's prediction market correctly forecasted Donald Trump’s victory in the 2024 presidential election, raising suspicions of political motivations behind the investigation.

Polymarket's Response and Next Steps

Polymarket criticized the DOJ's actions as politically motivated. Shayne Coplan stated the platform is not involved in political rivalry but aims to provide an open and transparent prediction market. It was also noted that Polymarket does not charge fees or take positions on its platform. A spokesperson emphasized that the platform allows global users to analyze market data freely, without the intent to sway public opinion.

Polymarket is a fully transparent market, with no fees charged and no positions taken, allowing global users to analyze market data freely.None

The outcome of the DOJ's investigation and its implications for Polymarket could significantly impact the platform's future and the broader cryptocurrency community.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Major Market Participant Sells $500 Million in ETH

chest

A major market participant, known as the Hyperunit whale, has sold approximately $500 million worth of ETH, impacting market liquidity and sentiment.

user avatarAisha Farooq

Total Crypto Market Cap Faces Weakness After Failed Breakout

chest

The total crypto market cap has seen a significant contraction following a failed breakout attempt.

user avatarTenzin Dorje

Coinbase Premium Index Indicates Potential Demand Recovery for Ethereum

chest

The Coinbase Premium Index has recently rebounded, indicating a potential shift in demand for Ethereum from US investors.

user avatarBayarjavkhlan Ganbaatar

Bitcoin's Value Stalls Against Gold Amid Quantum Computing Concerns

chest

Bitcoin's long-term value increase compared to gold has halted, coinciding with the rise of quantum computing awareness.

user avatarMohamed Farouk

Kevin O'Leary Secures $28 Million Judgment in Defamation Case Against Ben Armstrong

chest

Businessman Kevin O'Leary has won a $28 million judgment in a defamation case against YouTuber Ben Armstrong after Armstrong failed to respond to the lawsuit regarding false claims about O'Leary's involvement in a fatal boating accident.

user avatarElias Mukuru

Locked Ethereum Supply Influences Market Dynamics

chest

The increase in locked Ethereum supply is impacting market dynamics, reducing selling pressure and altering trading conditions.

user avatarDiego Alvarez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.