• 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

DDC Continues Bitcoin Accumulation Amid Corporate Shift

chest

DDC has purchased an additional 105 BTC, reflecting a growing trend among corporations to secure Bitcoin as a treasury asset.

user avatarKenji Takahashi

Galaxy Digital Refutes Quantum Computing Concerns Over Bitcoin Trade

chest

Galaxy Digital refutes claims that a significant Bitcoin trade was motivated by fears of quantum computing threats.

user avatarMaria Fernandez

Bullish Reports Significant Q4 Loss Amid Market Downturn

chest

Bullish reported a significant Q4 net loss of $563 million, a stark contrast to the previous year's profit of $1,048 million, highlighting vulnerabilities in the current market.

user avatarGustavo Mendoza

Brazil Tightens Regulations on Algorithmic Stablecoins

chest

Brazil is advancing new legislation that targets algorithmic stablecoins, requiring 100% reserve backing with fiat currency or high-quality liquid assets.

user avatarRajesh Kumar

LiquidChain Presale Reflects Strong Investor Interest in DeFi Infrastructure

chest

The ongoing presale of LiquidChain has successfully raised over $527K, showcasing strong investor interest in unified liquidity solutions within decentralized finance.

user avatarMiguel Rodriguez

Vitalik Buterin Calls for Innovation in Ethereum Ecosystem

chest

Vitalik Buterin criticizes the saturation of the Ethereum ecosystem and calls for true innovation in privacy and security.

user avatarArif Mukhtar

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.