Polymarket’s $50M Zelenskyy suit bet nears resolution
Polymarket, the crypto-based prediction market platform is under fire for a bet for high issues on the question of whether the Ukrainian president Volodymyr Zelenskyy wore a suit before July.
While the $ 58 million market is approaching the final resolution, handling allegations have shaken user confidence and exposed structural concerns in decentralized litigation systems.
According to the official registrationWill the market entitled “Zelenskyy will wear a suit before July?” was to be resolved as “yes” if Zelenskyy was photographed or recorded on a club strip bearing a costume between May 22 and June 30, on the basis of a credible reporting consensus.
Zelenskyy appeared during a NATO summit in The Hague on June 24 dressed in a collar shirt, a black blazer and matching pants. Many major media, including the BBC, Reuters and the New York Post, described the outfit as a costume.
Despite this, the resolution remains highly contested. UMA (A), the decentralized oracle protocol used by Polymarket to settle the markets, canceled the initial resolutions “yes” twice following the challenges of tokens holders. The result is currently under final voting which is expected to conclude by July 4 at 2:09 a.m.
The main discord point lies in the interpretation. Supporters of a “yes” decision argue that the outfit was undoubtedly qualified as a trial in several credible media reports, as required by market settlement. On the other hand, some UMA voters maintain that the occasional sewing of Zelenskyy and the lack of tie make it incompatible with the traditional standard of business wear.
Critics note that a similar outfit in May was previously judged as not a costume, fixing a precedent which continues to influence the vote. Following the controversy, the great holders of UMA token were accused of manipulating the result to protect their financial positions
Observers argue that the system allows rich participants to influence resolutions by linking tokens and contestation complaints, whatever the external consensus. These concerns are in accordance with the previous accusations against Polymarket for having allegedly ignored the evidence in the resolution of a $ 120 million tiktok ban market and a mineral agreement of $ 7 million in Ukraine-US.
The polymarket itself has aroused criticism to distance the dispute. The @Polymarkettel X account of the platform initially called a costume but has since been renamed “managed by the community”. Several proposals to create a market integrity team have also been rejected.
With nearly $ 58 million in play, the result of the combination bet can have an impact on polymarket credibility at a time when it would be finalization A funding cycle of $ 200 million.
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