Polymarket gained popularity for betting on US presidential election outcomes and was promoted as a superior prediction method. However, the company's credibility has been challenged due to controversies like the Zelensky suit and previous resolution mistakes, including a $7 million premature bet resolution. Some users are unhappy with outcomes and are seeking legal recourse, expressing frustration over perceived moral damages and the flawed system that affects their betting experience. Users have begun gathering on Discord to coordinate their responses, including potential lawsuits.
"Everybody knows the answer ... but the system is currently broken," claims defipolice. "It's a fucked up situation."
Polymarket does reserve the right to overturn a UMA outcome. Last year, the company overruled UMA voting on a wager over whether Barron Trump was involved in a Trump-themed cryptocurrency project. At the time, Polymarket refunded bettors and explicitly described UMA's conclusion as 'wrong.'
In March, a $7 million bet over whether Ukraine and the United States would reach a deal on mineral access was prematurely resolved with the wrong result. At the time, in a Discord message addressed to affected users, a Polymarket employee called it an 'unprecedented situation' but said that it would not refund bettors.
I have experienced moral damages over this debacle and the added context has caused me a great amount of stress, says a Polymarket bettor.
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