News & Updates
The latest news and updates from companies in the WLTH portfolio.
Polymarket cuts ties with George Santos as regulators probe trades on rival prediction market - AOL
NEW YORK (AP) -- The online prediction platform Polymarket is ending its paid relationship with George Santos as federal regulators investigate whether the former congressman illegally bet against his own attendance at President Donald Trump's State of the Union. Santos placed the bets on another prediction marketplace, Kalshi, after publicly announcing his intention to be at the Feb. 24 speech, according to a person familiar with the investigation. He later blamed a delayed flight for missing the event. The suspicious trades were detected by Kalshi and referred to the Commodities Futures Trading Commission, a federal regulator that has opened a probe into Santos for possible insider trading, according to a second person familiar with the investigation. Both spoke to The Associated Press on the condition of anonymity because they were not authorized to discuss the matter publicly. Santos was released from federal prison last October after Trump granted him clemency in a fraud case. By the time of the State of the Union address, four months later, he was already working in an influencer capacity for Polymarket, using his substantial online platform to promote the controversial brand. In response to an inquiry from the AP, a Polymarket spokesperson said the company was in the process of terminating the contract as a result of this week's revelations. Santos did not respond to phone calls and text messages from the AP. He wrote on social media Wednesday that the allegation was "preposterous," adding that his legal team was in touch with the Justice Department. On his podcast, "Doing Time with George Santos," the former congressman has suggested that prediction markets are "easily manipulable," and rife with abuse. "There's definitely some space for speculation. There will be investigations. There will be scrutiny," he said in March. "I just want to make sure that people understand: It is not straightforward. It is not a crime to do prediction market. I don't think people should be taking this seriously." The financial regulator overseeing prediction markets, meanwhile, has pledged to take the issue of insider trading "extremely seriously." "There is a myth in the mainstream media and social media that insider trading law doesn't apply in the prediction markets. That is wrong," David Miller, the director of enforcement at CFTC, said during a recent talk at New York Law School. "Insider trading in the prediction markets -- where there is misappropriated information -- is precisely the kind of serious violation that we are going after vigorously." That pledge comes as the Trump administration has thrown its support behind the prediction market operators and is actively suing states that have tried to regulate them. The president's son, Donald Trump Jr., has invested in Polymarket through his venture capital firm and is a strategic advisor for Kalshi. And the CFTC has faced allegations of maintaining a friendly posture toward the industry it is meant to regulate. Still, some bets have not escaped federal scrutiny. Last week, prosecutors charged a Google engineer who allegedly used the company's 2025 "Year in Search" data, before it was published, to enter Polymarket wagers about the most searched people of last year. A spokesperson for Polymarket said the company had worked closely with the CFTC, along with federal prosecutors, ahead of the insider trading charges. Experts said Santos's own alleged actions didn't appear to meet the same threshold for insider trading, since they would not have been based on stolen information. But the bets -- coupled with his public statements -- may run afoul of other financial laws. "What he's accused of sounds a lot more like market manipulation than insider trading," said Todd Phillips, the director at Klaros Group and a former Georgia State University professor who has written extensively about prediction market regulation. The federal regulator could also bring a civil action against Santos, potentially resulting in a steep fine and a ban from trading, he noted. But the rapid rise of online betting platforms has meant there are few similar cases to draw from. "We didn't have examples of people trading on contracts involving themselves. That is new, and it allows people to change their behavior in order to profit," Phillips said. "Until pretty recently, the question of George Santos being at the State of the Union was not something that had ever been traded before." ___ Associated Press reporter Larry Neumeister in New York contributed to this report
No-Taiwan Invasion Odds Hold Near 99% on Polymarket
Following the Singapore defense forum coverage, market chatter around the China-Taiwan scenario remains unchanged as of the latest session. The Polymarket contract tied to whether China will invade Taiwan by June 30, 2026 continues trading with the No outcome leading at roughly 99% implied odds, keeping risk parity for traders. Defense spending and security tensions in Asia dominated the 2026 IISS Shangri-La Dialogue in Singapore, with nations signaling higher defense budgets and greater regional vigilance. The event saw bellwether comments on China's posture and the Ukraine war's lessons shaping Asia-Pacific security thinking, as delegates from multiple countries pressed for stronger deterrence and cooperation. Beijing again sent a low-level delegation, while several Asia-Pacific governments signaled readiness to boost spending and capabilities in response to perceived rising risks. The gathering underscored a broader market narrative that geopolitical frictions could weigh on regional stability, potentially influencing defense procurement and alliance dynamics in the near term. Prediction Market Reaction Polymarket data show the binary contract on whether China invades Taiwan by June 30, 2026 remains skewed toward the No outcome, with the leading option already priced to around 99% odds and a notable absolute volume interest at the current level. The Yes side trades at roughly 0.75 odds, while No sits near 99.25, reflecting traders' belief in a low probability of a cross-strait invasion before the stated date. Total notional volume on the contract stands in the mid-eight-digit USD range, indicating persistent hedging and pre-settlement positioning as market participants react to evolving regional security signals.
Meta Leads AI-Model Race by End-June 2026, Market Sees Anthropic Edge
A Meta-driven AI push is in focus as the company advances paid AI features and cloud ambitions, marking a notable shift from its ad-dominated revenue base. On the Polymarket contract linked to which company will have the best AI model by end-June 2026, traders are re pricing the leading outcome after Meta's AI strategy headlines surfaced in the related coverage. Meta Platforms is stepping up its experiment with paid AI services, including subscription offerings for its AI features and a potential cloud initiative, as reported in the latest market overview. The Bloomberg/Reuters-style briefing notes that Meta is pursuing non-advertising revenue streams and testing premium AI subscriptions in select regions, a move analysts say could redefine its growth trajectory. The article highlights that Meta Chief Executive Mark Zuckerberg is betting on AI to unlock new monetization avenues, even as history shows mixed success for such pivots. The unfolding strategy comes as Meta weighs cloud opportunities that could pit it against major tech incumbents, a development closely watched by investors and buyers of AI exposure. The piece underscores that while ads remain robust, the push into paid AI products represents a strategic pivot with uncertain short-term traction. Prediction Market Reaction Leading odds on the Polymarket contract show Anthropic as the top choice for having the best AI model by end-June 2026, with implied probability around 82% in the current line. The market displays concentrated positioning around the Anthropic outcome, while alternative bets on Google, OpenAI, and others reflect thin liquidity and sharp no-odds of 85%+ for several non-Anthropic names. Total trading volume for this multi-outcome contract sits in the mid-to-high seven figures in USD terms, suggesting a steady flow of cross-venue risk on AI-model leadership as settlement nears. Positioning skew indicates traders are largely backing the leading option, with modest activity in the sub-20% buckets and a few outliers seeking hedge exposure against a potential surprise by non-Anthropic contenders. By the Numbers Top strike rungs +11 more strikes not shown
Bitcoin Eyes June 1 Close Above Key Zone as Polymarket Odds Tilt
Bitcoin traded near the $70,000 zone as bid liquidity builds ahead of a June 1 settlement, keeping the market focused on whether BTC will close above key thresholds. Traders on Polymarket are reallocating to the price-ladder contract tied to June 1, with attention on how the event odds shift as liquidity concentrates at top strikes. Bitcoin has seen persistent bid interest around $70,000 as market participants brace for a June 1 settlement, with data showing substantial buy-side pressure and a larger liquidity footprint forming between $72,000 and $70,000. This backdrop comes after a wave of bids near the $70,000 level, which could anchor any near-term price move and influence risk premiums across related derivatives. The market narrative centers on BTC's ability to sustain strength into the June 1 resolution window, as traders monitor order-book depth and hedging flows that historically intensify around major strike clusters. Analysts note that recent option activity and futures positioning have orbited around the same liquidity band, underscoring a unified stance on whether the price will exceed the $68,000-$70,000 zone by the settlement date. Prediction Market Reaction Polymarket price-ladder odds show the leading strike 68,000 above via a Yes price of about 99.85% and No around 0.15%, while the 70,000 strike sits near 99.0% Yes and 1.0% No. At 72,000, Yes odds are roughly 92.6% with No about 7.4%. The ladder also displays progressively lower Yes odds for higher strikes such as 74,000 (about 45.5% Yes / 54.5% No) and a sharp drop to single-digit Yes odds beyond 76,000, illustrating concentrated positioning around the top two clusters and a thinner bid landscape further out. Total market turnover on the contract sits near several hundred thousand dollars in the latest session, with participants maintaining a tight skew toward the highest-likelihood above-68k outcomes as the June 1 resolution approaches. By the Numbers * Platform: Polymarket * Market: Bitcoin above ___ on June 1? * Contract type: Price strike ladder: each rung has separate Yes/No; Yes means the spot price is above that USD strike at settlement. * Resolution window: Jun 01, 2026 (UTC) * Status: Active (open for trading) * Volume: ~$419,862 * 24h change: +0.0 pp Top strike rungs +7 more strikes not shown
Polymarket Promo Code COVERS: Claim $50 for Spurs vs Thunder Prediction Markets in California and Texas
Use Polymarket promo code COVERS for a $50 bonus and trade on Spurs vs Thunder Game 7 of the Western Conference Finals. With Game 7 of the Western Conference Finals set for Saturday between the Oklahoma City Thunder and San Antonio Spurs, there has never been a better time to join one of the best prediction market apps and get in on the action. Enter Polymarket promo code COVERS during registration to unlock a $50 bonus and start trading in this winner-take-all showdown. A code is required, and the offer is available through May 30 for new users in most U.S. states. Polymarket Promo Code COVERS: $50 Bonus for Spurs vs. Thunder Game 7 The Polymarket promo code COVERS unlocks a $50 welcome bonus for new users who sign up and make a qualifying deposit. Unlike traditional sportsbook promotions, Polymarket operates as a prediction market, meaning you are trading on the likelihood of outcomes rather than placing standard wagers. To activate the offer, you must deposit at least $20 after completing registration using the code. With Game 7 on the line, you could trade on whether the Thunder hold serve at Paycom Center behind Shai Gilgeous-Alexander, or whether Victor Wembanyama and the Spurs carry their Game 6 momentum to an upset. If your trade on the Thunder winning resolves in your favor, you collect based on the market price at the time of your position. If the Spurs pull off the upset and your trade goes the other way, your position resolves at zero. There are a few key terms to keep in mind before making a claim. The offer is available in all U.S. states except Nevada, and you must be physically located in an eligible state. You will need to provide a valid photo ID, such as a driver's license or passport, along with a selfie holding that ID. Polymarket may also request Social Security Number verification during registration. For a full breakdown of available offers, visit the best prediction market promos page to compare your options. Use the correct Polymarket promo code for your state How to Claim Your $50 Polymarket Welcome Bonus Getting started with Polymarket and claiming your bonus ahead of Game 7 is a straightforward process. Follow these steps to activate the offer: Pages related to this topic
Polymarket Promo Code HANDLE: Get $50 Bonus for Spurs vs Thunder Game 7
SportsHandle. Get a $50 bonus with the Polymarket promo code HANDLE and trade on Spurs vs. Thunder Game 7. New users can use the Polymarket promo code HANDLE to access a $50 trading bonus for Spurs vs. Thunder in Game 7 of the Western Conference Finals. The Thunder were one win away from closing out the series on Thursday night, but the Spurs flipped the script with a dominant 118-91 victory in Game 6. That sets up a winner-take-all Game 7, tipping off at 8 p.m. ET on NBC and streaming on Peacock. Victor Wembanyama led the charge for San Antonio with 28 points and 10 rebounds, delivering one of his strongest performances of the series. Now the challenge shifts to the road, where the Spurs must pull off another upset to win the series in Game 7. For those looking to get involved in the action, you can sign up on one of the best prediction market apps and make a $20 deposit using the Polymarket promo code HANDLE to unlock a $50 trading bonus tied to Spurs vs. Thunder Game 7 prediction markets. Polymarket Sign-Up Steps on Saturday, May 30 Spurs vs. Thunder Odds on Polymarket * Moneyline: Spurs 43% | Thunder 57% * Spread: Spurs +3.5 (50%) | Thunder -3.5 (50%) * Total: 211.5 Points (53%) | Under 211.5 Points (47%) The Western Conference Finals between the San Antonio Spurs and Oklahoma City Thunder have turned into a back-and-forth battle, with both teams trading dominant wins through six games. San Antonio forced Game 7 with a 118-91 blowout victory in Game 6 behind another massive performance from Victor Wembanyama. Now the series shifts back to Oklahoma City for a winner-take-all showdown Saturday night, where prediction markets will be watching whether the Thunder's home-court edge holds or if the Spurs' momentum carries into the biggest game of the season. San Antonio Spurs Stats * Victor Wembanyama: 23.2 PPG, 11 RPG, 2.8 APG * Stephon Castle: 19.4 PPG, 4.9 RPG, 6.7 APG * De'Aaron Fox: 16.5 PPG, 4.3 RPG, 6 APG * Dylan Harper: 13.1 PPG, 5.2 RPG, 2.6 APG The Spurs took control at home throughout the Western Conference Finals, winning Games 4 and 6 by a combined 48 points while holding Oklahoma City under 100 points in both matchups. San Antonio now carries momentum into Game 7 after shooting 50% from the field in Game 6, while Victor Wembanyama has averaged more than 25 points and 10 rebounds across the last three games of the series. San Antonio's defense could decide Game 7, as the Spurs own a 5-1 postseason record when they hold opponents below 105 points. Stephon Castle has also elevated his play late in the series, averaging more than 20 points and seven assists over the last two games entering Saturday's winner-take-all showdown. Oklahoma City Thunder Stats * Shai Gilgeous-Alexander: 27.1 PPG, 7.9 APG, 2.9 RPG * Chet Holmgren: 15.7 PPG, 1.2 APG, 8.5 RPG * Jalen Williams: 14.4 PPG, 2.8 APG, 3.2 RPG * Alex Caruso: 10.9 PPG, 1.9 APG, 2.9 RPG Oklahoma City responded all series long, bouncing back from every loss in the Western Conference Finals with an average of 121 points per game in the following matchup. The Thunder now return home for Game 7, where Shai Gilgeous-Alexander continues to lead the offense after averaging more than 27 points and nearly eight assists per game this postseason. The Thunder have consistently won when their offense pushes the pace, posting a 6-1 playoff record when scoring at least 115 points. Chet Holmgren and Jalen Williams also remain key X-factors entering Game 7 after combining for nearly 30 points and 11 rebounds per game during the series. Must be 18 years or older and have a legal, U.S. residential address within the applicable state, D.C., or U.S. territories. Not available in AZ, IL, MA, MD, MI, MT, NV, and OH.
Google engineer charged with insider trading after D4vd bet makes $1.2m on Polymarket
An Italian Google engineer has been charged with insider trading after he allegedly made $1.2m betting on prediction markets. The US Justice Department charged 36-year-old Michele Spagnuolo after he allegedly placed bets tied to Google's most-searched list on Polymarket, according to documents unsealed on Wednesday. Spagnuolo made his money betting on long-shot candidates, like musician D4vd, who appeared on Google's most-searched list after it was reported that he was a suspect in the investigation into the death of a teenage girl, according to the complaint. Spagnuolo allegedly used insider information when betting on 27 November that D4vd would top the list of most-searched people in 2025. Google statistics confirmed he was top when they were released a week later, on 4 December. 👉 Listen to This Is Why on your podcast app 👈 According to the complaint, that bet was particularly profitable, because the markets placed a "near-zero probability" that D4vd, who has since been charged with the murder of 14-year-old Celeste Rivas Hernandez, would be the most-searched person on Google. Among other wagers, Spagnuolo wagered in October that rapper Kendrick Lamar would top the list. At that point, Google's internal data showed that Lamar was on track to be the most-searched person of the year. "Insider trading compromises the integrity of our markets, and the American people want this greed-driven conduct investigated and prosecuted," said US Attorney for the Southern District of New York Jay Clayton in a statement. Read more from Sky News: Illegal casino exposes itself in surprising way NASA unveils massive plan to settle on moon Google said that it is working with law enforcement, and that using confidential information to place bets is a serious breach of company policy. Spagnuolo, who now lives in Switzerland, has been placed on leave, according to the Google spokesperson. Polymarket said that it helped law enforcement investigate Spagnuolo's activity, and added that it was the only prediction platform to date whose co-operation has led to insider trading charges in the United States.
Google employee charged with using insider data to rig bets on Polymarket
US DoJ alleges software engineer Michele Spagnuolo, 36, earned $1.2m betting on Google's most-searched list The US justice department has charged a Google software engineer with using insider information to rig bets tied to Google's most-searched list on prediction market Polymarket, earning $1.2m in profits, according to a complaint unsealed on Wednesday. Michele Spagnuolo, a 36-year-old Italian citizen, allegedly used insider information to bet on long-shot candidates like indie pop musician D4vd, who appeared on Google's most-searched list after he was arrested and accused of murdering a teenage girl, according to the complaint. D4vd was the most-searched person of the year, according to Google statistics that were released on 4 December, and Spagnuolo allegedly used insider information when betting on 27 November that D4vd would top the list. The bet was particularly profitable because the markets placed a "near-zero probability" that D4vd would be the most-searched person on Google, according to the complaint. Spagnuolo, on an account called "AlphaRaccoon", also used insider information when placing other bets based on Google's most-searched list, according to the complaint. He made a bet in October that rapper Kendrick Lamar would top the list, at a time when Google's internal data showed that Lamar was on track to be the most-searched person of the year. Reuters could not immediately identify an attorney for Spagnuolo. Spagnuolo lives in Switzerland, according to the complaint, filed in the federal court in Manhattan. Jay Clayton, the US attorney for the southern district of New York, said in a statement that prosecutors will pursue corporate insiders who seek to use confidential business information to turn a profit in prediction markets. "Insider trading compromises the integrity of our markets, and the American people want this greed-driven conduct investigated and prosecuted," Clayton said. Google said in a statement that it is working with law enforcement and that using confidential information to place bets is a serious breach of company policy. Spagnuolo has been placed on leave, according to a Google spokesperson. Polymarket said it helped law enforcement investigate Spagnuolo's activity, and it is the only prediction platform to date whose cooperation has led to insider trading charges in the United States. Federal prosecutors in April charged a US army soldier with using classified information to place Polymarket bets on the capture of Venezuelan leader Nicolás Maduro.
Spain Blocks Polymarket and Kalshi Websites
Spain's Consumer Rights Ministry has opened sanction proceedings against Polymarket and Kalshi and ordered internet providers to block access to both prediction market platforms. The precautionary block was published in the Official State Gazette on May 26. It is expected to remain in place for three to four months while authorities review whether the platforms operated without the gambling licenses required under Spanish law. DGOJ Says Platforms Lacked Gambling Licenses The action was taken through Spain's gambling regulator, the Directorate General for Gambling Regulation, known as the DGOJ. Authorities said Polymarket and Kalshi let users stake money on uncertain future outcomes. Spain's position is that those products fall within the country's gambling regime when offered locally without the necessary administrative authorization. That puts the platforms in the same regulatory category as unlicensed betting operators, rather than financial venues or forecasting services. Three-Month Website Block Stays During Review Spanish officials said the websites will stay blocked during the investigation because unauthorized operators may lack safeguards required under national gambling rules. Those safeguards include identity verification, protections for minors and controls for self-excluded users. The ministry also said direct notification attempts to the operators at known foreign addresses had failed. That led authorities to publish the matter through the state gazette before enforcing the block. The current order does not decide the final outcome of the proceedings. It restricts access while the regulator reviews whether Polymarket and Kalshi breached Spanish gambling rules. Spain Treats Event Contracts as Online Betting The case adds Spain to the widening regulatory fight over prediction markets. Some platforms argue that event contracts are information markets or financial products. Spain is treating Polymarket and Kalshi as unlicensed gambling operators because users stake money on uncertain outcomes. That approach mirrors action in other jurisdictions where national authorities have relied on betting laws to restrict event-contract platforms. For Polymarket and Kalshi, the Spanish block is another sign that international expansion remains vulnerable to local gambling rules. Even as U.S. regulators and courts debate whether event contracts belong under derivatives oversight, countries such as Spain are moving through gambling enforcement channels.
Google Engineer Charged With Insider Trading After Making $1.2m On Polymarket
Google engineer charged with insider trading after making $1.2M on Polymarket - BERITAJA is one of the most discussed topics today. In this article, you will find a clear explanation, key facts, and the latest updates related to this topic, presented in a concise and easy-to-understand way. Read more news on Beritaja. The U.S. Justice Department charged Google package technologist Michele Spagnuolo pinch insider trading, alleging the worker made $1.2 cardinal trading connected Polymarket based connected confidential business information. Spagnuolo, who utilized the sanction "AlphaRaccoon" connected Polymarket, has worked astatine Google for complete 12 years, according to accusation connected LinkedIn. "As alleged, Spagnuolo violated the duties he owed to his employer and utilized Google's confidential business accusation to make much than $1.2 cardinal successful trading profits connected Polymarket," Jay Clayton, the United States Attorney for the Southern District of New York, said successful a property release. "Insider trading compromises the integrity of our markets, and the American group want this greed-driven behaviour investigated and prosecuted." Prediction markets for illustration Polymarket, Kalshi, and others let users to stake connected beautiful overmuch anything. Insider trading is not allowed connected these platforms because it's illegal, but immoderate users still perpetrate the offense. The Justice Department precocious charged a U.S. Army soldier for allegedly utilizing his insider knowledge of the U.S. subject cognition to seizure Venezuelan president Nicolás Maduro to make $400,000 connected Polymarket. According to the complaint, Spagnuolo risked complete $2.7 cardinal connected wagers related to Google's 2025 Year successful Search, a trading run successful which Google reveals the world's about celebrated searches of the year. Spagnuolo allegedly accessed confidential, soul Google Search information about the most-searched celebrities to pass his bets. "Polymarket worked intimately pinch the U.S. Attorney's Office for the Southern District of New York and the CFTC, and is the only prediction level to day whose practice has led to insider trading charges successful the United States," a Polymarket spokesperson told TechCrunch. "Blockchain trading is transparent, traceable, and bad actors time off footprints. We are committed to maintaining accurate, fair, and transparent markets arsenic good arsenic enforcing our rules and moving pinch our regulators and rule enforcement." A Google spokesperson told TechCrunch the institution is moving pinch rule enforcement connected its investigation. "The worker accessed our trading worldly utilizing a instrumentality disposable to each employees, but utilizing specified confidential accusation to spot bets is simply a superior breach of our policies," Google said successful an emailed statement, "We've placed the worker connected time off and will return the due action."
Polymarket, Kalshi Face Spanish Ban
The Spanish government is moving to block Polymarket and Kalshi for operating without a gambling license. The Spanish government is moving to block Polymarket and Kalshi, saying the two prediction-market platforms might be breaking the law by operating in the country without a gambling ...
Lawsuit targets Polymarket, Kalshi over alleged illegal sports gambling in RI
PROVIDENCE, R.I. (WPRI) -- Rhode Island Attorney General Peter Neronha is suing the world's two largest online prediction markets, alleging they are offering sports betting illegally to residents outside the state's regulated gambling system. In a 32-page complaint filed May 21 in Providence County Superior Court, Neronha accuses Polymarket and Kalshi of functioning as sports gambling platforms under the guise of "event contracts." He argues users are betting real money on uncertain real-world events for financial prizes, ultimately constituting to "casino gaming" and "online sports wagering" under state law. To view the entire document, scroll to the bottom of this article or click here. "The problem here is that Rhode Island State law heavily regulates gambling, for good reason, and we allege that Kalshi and Polymarket are evading our laws," Neronha said in a press release. "And Rhode Islanders are losing out." In Rhode Island, online sports betting is only permitted through the state-run platform Sportsbook RI. Since 2019, the Rhode Island Lottery has regulated the system, requiring licensing, oversight and revenue sharing, along with consumer protections such as identity and age verification, "know your customer" controls, suspicious activity monitoring and responsible gaming tools including deposit, wager and time limits and player self-exclusion. Neronha argues Kalshi and Polymarket mirror traditional sports betting in structure and behavior, including leaderboards and real-time updates on betting activity. He claims the platforms use design features that encourage addictive behavior. "While these private companies continue to profit exponentially off hard-working people, the State's third largest revenue stream is detrimentally affected, which means less money to fund critical parts of programs that serve Rhode Islanders every day," Neronha continued. He also accused the companies of "circumventing" state law and putting Rhode Islanders' mental and financial well-being in harms way. Neronha is seeking a declaratory judgment from the court stating that Kalshi and Polymarket are subject to Rhode Island gambling regulations and asking for a permanent injunction blocking the platforms from offering sports "event contracts" in the state. Meanwhile, both Polymarket and Kalshi deny the allegations in Neronha's lawsuit, noting that they operateas prediction markets regulated under federal financial rules rather than state gambling law. In fact, hours before the state filed its complaint, Kalshi filed a separate federal lawsuit in U.S. District Court in Rhode Island, anticipating possible enforcement action. According to the complaint, Neronha asked multiple pointed questions during a May 20 meeting with Kalshi representatives and "made clear" the platform's offerings would not comply with Rhode Island gaming laws. The filing also alleges the state declined to assure Kalshi it would refrain from enforcement, indicating Rhode Island intended "to act imminently." Kalshi argues the state's position conflicts with federal law and the regulatory framework of the Commodity Futures Trading Commission (CFTC). "The threat of enforcement is heightened by the fact that Defendants have refused to provide Kalshi with assurances of non enforcement, despite Kalshi's endeavors to initiate dialogue to assuage any of the State's concerns," the lawsuit reads. A Kalshi spokesperson defended the company's operations in a statement to 12 News. "As other courts have recognized, Kalshi is a regulated, nationwide exchange for real-world events, and it's subject to exclusive federal jurisdiction," the statement read. "It's fundamentally different from what state-regulated sportsbooks and casinos offer their customers. We are confident in our legal arguments." A Polymarket spokesperson also responded to a request fro comment from 12 News, saying the action "runs counter to the CFTC's established framework for regulating prediction markets." Read the Attorney General's full lawsuit below. Download the WPRI 12 and Pinpoint Weather 12 apps to get breaking news and weather alerts.
Indonesia blocks Polymarket, calling prediction market online gambling in disguise
Indonesia's ban is part of a broader crackdown on prediction markets in Asia, with India also restricting Polymarket and other similar services. Indonesia's Ministry of Communication and Digital Affairs has blocked access to Polymarket, saying the crypto-based prediction market amounts to online gambling under local law. The ministry said it had cut access to the platform and was tracing affiliated social media accounts for possible restrictions across other digital channels. Alexander Sabar, director general of digital space supervision, claimed that platforms that allow users to wager money on uncertain outcomes remain gambling products, even when they use blockchain technology or crypto assets. Polymarket lets users trade contracts tied to real-world events, including elections, sports, crypto prices and political outcomes. The platform has grown into one of the largest crypto prediction markets, but regulators in several jurisdictions have treated parts of the business as gambling rather than financial-market activity. Indonesia's statement did not name Kalshi, a U.S.-regulated prediction market operator, or other platforms but said authorities would restrict similar services that facilitate online gambling. The order could extend to other prediction-market platforms if Indonesian regulators determine that they allow users to wager money on uncertain real-world events. Indonesia's move follows a broader clampdown on prediction markets in Asia. India recently blocked Polymarket after authorities classified such platforms as prohibited online money gaming, with Kalshi also facing potential scrutiny. Polymarket is separately seeking approval in Japan by 2030, where strict gambling rules limit most forms of betting outside state-sanctioned activities. The Indonesian ministry said Singapore, Brazil and India have blocked Polymarket, while Taiwan, Thailand, China and Japan have imposed restrictions under local law. The prediction market is also blocked in Ukraine, where there's no legal way for it to come back. The regulator urged Indonesians not to access or participate in digital betting activity, including markets that use crypto assets, citing potential financial losses and violations of Indonesian law. The ministry said it would keep coordinating with law enforcement and other stakeholders to monitor similar platforms.
Indonesia Shuts Access to Polymarket Over Markets Questioning Prabowo's Term - Crypto Economy
The ban places Indonesia on a list of more than 30 jurisdictions that restrict access to Polymarket, including India and other countries. Indonesia's Ministry of Communications and Digital Affairs (Komdigi) blocked access to Polymarket. The trigger was the prediction market platform's offering of bets on whether President Prabowo Subianto would leave office before completing his five-year term, currently set to run through October 2029. Ministry official Alexander Sabar justified the measure with a categorical stance: "The government will not allow any form of online gambling in Indonesia. Activities like those on Polymarket involve betting and speculation on uncertain outcomes, which violates Indonesian legislation." The ministry described the platform as "a gambling site disguised as a prediction market" and extended the ban to other similar services suspected of facilitating comparable practices. Indonesia's decision is far from unique. The platform is already blocked in more than 30 jurisdictions, among them India, which extended its restrictions recently. Despite the difficult environment, Polymarket has signaled interest in obtaining regulatory approval in select markets, including Japan. Supporters of these emerging markets argue they function as collective forecasting tools and sentiment trackers, offering genuine informational utility. Critics, however, contend they closely resemble online gambling and carry risks of market manipulation and insider trading. The U.S. Commodity Futures Trading Commission (CFTC) is also experiencing internal tensions around prediction markets: according to a report by The New York Times, officials who publicly questioned these instruments were suspended from their positions.
Indonesia bans Polymarket over online gambling concerns
We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our in-house created content is meticulously reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing. Indonesia has blocked access to Polymarket after officials concluded that the prediction market platform operates as online gambling under national law. The Communication and Digital Affairs Ministry announced the move on Friday and said authorities are stepping up enforcement against digital betting services across the country. Officials argued that platforms allowing users to speculate on uncertain future events fall within Indonesia's gambling restrictions, even when those services are tied to crypto assets or blockchain technology. The government will not allow any form of online gambling in Indonesia," Alexander Sabar, the ministry's director general of digital space supervision, told reporters in Jakarta. Authorities said Polymarket allows users to place financial wagers on elections, economic developments, sports results, and other future outcomes. While prediction markets often present themselves as information or forecasting tools, Indonesian regulators said the practical function still resembles gambling activity. Sabar said Polymarket's activities involve betting and speculation on uncertain events, putting the platform in violation of national regulations. Officials confirmed the platform's website has already been blocked inside Indonesia as part of a broader campaign targeting online gambling services. The ministry also warned residents against using crypto-based betting platforms that could expose users to financial losses or legal risks. Government widens crackdown on prediction markets The ministry said it is now tracing social media accounts connected to Polymarket as authorities try to limit promotion of the platform across multiple online channels. Officials added that similar services could face future restrictions if regulators determine they facilitate speculative betting activity. Indonesia's action mirrors growing pressure on prediction market companies in several other countries. According to Sabar, Singapore, Brazil, and India have already blocked Polymarket, while Taiwan, Thailand, China, and Japan have imposed various restrictions tied to domestic regulations. US regulators increase pressure on prediction platforms Legal scrutiny has also intensified in the United States, where prediction markets are facing challenges from both federal and state authorities. Recent disputes involving the Commodity Futures Trading Commission have centered on whether event-based contracts should be treated as regulated financial products or illegal gambling instruments. Several American states have pursued lawsuits and enforcement actions against prediction market operators, arguing that election-related contracts and sports-event wagers violate local gambling laws. At the same time, the CFTC has defended aspects of federally regulated prediction markets in ongoing court battles over jurisdiction and oversight authority. Indonesia says enforcement aims to protect users Indonesian officials said their enforcement campaign is intended to protect internet users, especially younger people who may be drawn to speculative digital betting platforms promoted online. The ministry said authorities will continue coordinating with law enforcement agencies and other institutions to monitor digital services operating inside the country. Officials added that the broader goal is maintaining what they described as a safe, healthy, and productive digital environment for Indonesian users.
Indonesia Bans Polymarket Amid Crackdown on Cryptocurrency Prediction Platforms - Blockonomi
Social media promotion channels linked to the platform are now being tracked and blocked Indonesian regulators have officially shut down access to Polymarket, declaring the cryptocurrency-based prediction service violates the nation's stringent anti-gambling statutes. This enforcement action represents another significant challenge for digital asset platforms offering real-money event contracts, demonstrating how authorities increasingly apply traditional gaming regulations to blockchain-based forecasting services. The Ministry of Communication and Digital in Indonesia announced the access block following an extensive assessment of Polymarket's operations. According to ministry officials, the platform enables participants to wager funds on unpredictable events spanning political contests, athletic competitions, and financial developments. Authorities determined these activities fall squarely within prohibited gambling operations under Indonesian law. Alexander Sabar, serving as Director General of Digital Space Supervision, stated that the service facilitates wagering and speculative activities tied to uncertain future outcomes. Beyond blocking the main platform, the ministry initiated monitoring of social media profiles associated with the service. Government representatives indicated they would suppress promotional efforts designed to help Indonesian users circumvent the access restriction. This enforcement aligns with Indonesia's historically rigid stance against internet-based gambling operations. Domestic legislation prohibits all forms of gambling services, and regulatory bodies have intensified their digital oversight throughout recent quarters. Consequently, cryptocurrency-powered platforms now undergo identical scrutiny as conventional online betting operations. The platform attracted Indonesian regulatory attention following the creation of a prediction market concerning President Prabowo Subianto's tenure duration. This particular contract emerged shortly after Prabowo revealed intentions to consolidate governmental authority over strategic commodity exports. The affected industries encompass coal and palm oil production, both critical components of Indonesia's economic infrastructure. The Indonesian prohibition mirrors comparable regulatory interventions across numerous jurisdictions. Brazilian authorities took enforcement measures against both Polymarket and Kalshi during April, citing derivative trading concerns and market manipulation risks. Argentine officials mandated that telecommunications providers, Google, and Apple block platform access following judicial proceedings. Additional countries including Singapore, India, China, Japan, and Thailand have implemented restrictive frameworks affecting comparable event-wagering operations. Regulatory bodies in these territories frequently invoke gambling statutes or financial regulations when participants risk capital on real-world developments. Consequently, enforcement agencies prioritize the betting mechanics rather than underlying blockchain architecture. Within the United States, prediction markets continue confronting legal challenges at state government levels. A recent Ninth Circuit judicial panel dismissed efforts by Kalshi and Polymarket to suspend enforcement proceedings in Nevada and Washington. State prosecutors maintain that sports-related prediction contracts function as unlicensed gambling instruments. This expanding regulatory offensive generates substantial legal uncertainties for decentralized finance platforms blending speculation, wagering, and outcome forecasting. While Polymarket positions market quotations as probabilistic indicators, government agencies interpret cash-backed event contracts through different frameworks. Platforms utilizing comparable business models should anticipate heightened regulatory examination throughout Asian and Latin American territories. For the broader cryptocurrency industry, this situation demonstrates that decentralized infrastructure cannot eliminate jurisdictional compliance obligations. National governments retain capabilities to implement access restrictions, suppress marketing activities, and target auxiliary services through internet regulation mechanisms. Polymarket now confronts yet another substantial market exclusion as regulatory authorities worldwide intensify their examination of crypto-based betting operations.
Polymarket $700,000 Wallet Drain
Security experts suggest the breach resulted from a failure in key management rather than a flaw in the underlying prediction market infrastructure. Polymarket recently identified a security breach that led to the unauthorized draining of funds from an internal wallet. On-chain investigator ZachXBT first flagged the suspicious activity, which involved an address linked to the platform's rewards infrastructure on the Polygon network. Subsequent analysis from the platform and firms like Bubblemaps estimated the total loss at roughly $700,000, distributed across several addresses. Developers were quick to emphasize that the compromise was isolated to a wallet used for routine operational top-ups. Crucially, the core smart contracts that handle user bets and market outcomes remained entirely unaffected throughout the event, ensuring that the integrity of individual positions remained intact. Security analysts view this incident as part of a larger trend where attackers target the operational layers of a protocol rather than the code itself. Industry experts noted that the breach mirrors a series of recent failures in key management and access control across the broader decentralized finance ecosystem. Instead of attempting to identify complex logic errors in smart contracts, malicious actors are increasingly focusing on the privileged wallets and administrative keys that facilitate routine operations. This transition highlights a critical need for projects to enhance their internal security protocols, including stricter signing policies and more robust monitoring of administrative activity to prevent similar compromises of operational infrastructure. While the Polymarket incident was contained, it serves as a stark reminder of the operational risks facing high-profile crypto platforms. Securing admin keys is just as important as auditing code. Was user money stolen? No, the company confirmed that user funds and market outcomes were not affected by the incident. How much was lost? Estimates indicate that approximately $700,000 was drained from the internal rewards wallet. What was the cause of the exploit? Experts believe it was a compromise of the private key used for operational top-ups.
Polymarket Targets Japan Approval by 2030
Polymarket is taking early steps to enter Japan after appointing Mike Eidlin to lead its local business. The prediction market platform is targeting Japanese government approval by 2030, which points to a long regulatory push rather than an imminent launch. Polymarket lets users trade on real-world outcomes across politics, sports, crypto, finance, geopolitics and culture. In Japan, however, prediction markets face a difficult legal path because gambling rules remain strict. The platform currently blocks betting functions for local users and says those limits are due to regulatory requirements. That makes any formal Japan rollout dependent on whether authorities treat event-based contracts as gambling, financial products or something else. Eidlin is expected to lead Polymarket's Japan effort as the company prepares regulatory outreach and local market development. Eidlin previously served as Japan head at the crypto project Jupiter, according to his LinkedIn profile. His role is expected to focus on building Polymarket's presence in the country, engaging with policymakers and helping the company find a legal path for prediction markets. The 2030 approval target shows Polymarket is not preparing for a quick launch. Japan remains a large potential market, but the company would likely need clear approval before offering local users full access to event-based trading. The move also comes as prediction markets face closer scrutiny in several jurisdictions. Regulators are still weighing how to classify platforms that let users trade contracts tied to elections, sports, macro events and other real-world outcomes. For now, the appointment signals intent rather than a confirmed operating launch. Polymarket wants a regulated path into Japan, but the timeline suggests the company expects years of legal and policy work before any full rollout.
House Oversight Committee Launches Insider Trading Investigation Into Kalshi and Polymarket - Blockonomi
Platforms employ blockchain tracking and identity verification to combat manipulation. Federal lawmakers have initiated a comprehensive investigation into potential insider trading violations on prediction market platforms Kalshi and Polymarket. The inquiry demands comprehensive information regarding user authentication protocols, geographical access controls, and systems designed to identify questionable trading behavior. Congressional leaders are evaluating whether these platforms possess adequate safeguards to prevent exploitation of privileged information. James Comer, leading the House Oversight Committee, issued formal requests to both platforms' chief executives with a June 5 deadline for document submission. The investigation centers on possible misuse of confidential information related to electoral outcomes and military operations. Comer's team is scrutinizing whether individuals with government access leveraged classified details for market profits. The platforms have proactively enhanced their internal monitoring mechanisms to address insider trading vulnerabilities. Kalshi terminated accounts belonging to three individuals running for congressional seats after discovering they placed wagers on their own electoral contests. Polymarket deployed sophisticated blockchain analysis tools to identify anomalous trading patterns and strengthen regulatory adherence. This federal scrutiny emerged following demands from seven Democratic representatives calling for official subpoenas. Specific concerns involve trading activity occurring mere hours before coordinated U.S. and Israeli military operations against Iranian targets. Congressional members are considering legislative measures to explicitly ban government personnel from accessing prediction market platforms. Kalshi functions under Commodity Futures Trading Commission supervision and mandates full user identification for all transactions. Polymarket maintains regulatory licensing through Panamanian authorities while providing a restricted CFTC-compliant offering for American participants. The majority of its operations exist beyond direct U.S. regulatory jurisdiction, creating potential vulnerabilities for insider exploitation. Both organizations have pursued international expansion, complicating their ability to monitor cross-border trading activities effectively. Insider trading vulnerabilities particularly affect users possessing security clearances or access to sensitive government intelligence. Congressional investigators expect platforms to produce comprehensive internal documentation demonstrating enforcement of anti-manipulation policies. Past incidents underscore these systemic vulnerabilities. A military service member allegedly generated $400,000 in illicit profits through insider trades on Polymarket. The platform identified more than 80 suspicious transactions preceding significant geopolitical developments. Kalshi has experienced compliance breaches despite operating under federal regulatory framework. Both companies implemented strengthened protective measures before the formal investigation commenced. Polymarket contracted with Chainalysis to deploy advanced detection algorithms for market manipulation and enhance operational transparency. Kalshi maintains rigorous identity authentication requirements and restricts contract offerings related to political violence and certain electoral events. Bipartisan legislative proposals seek to impose restrictions on insider trading within prediction market environments. Several bills specifically target trades executed by congressional members and federal agency employees. Legislators emphasize the necessity of preserving public confidence and maintaining equitable market conditions. The congressional review will assess whether both platforms fulfill their statutory compliance requirements. Documentation regarding insider trading prevention proves essential for identifying violators and measuring enforcement efficacy. Both organizations are anticipated to provide full cooperation, including detailed transaction records and internal policy communications. Prediction markets have experienced substantial growth, attracting intensified scrutiny from regulatory bodies and legislative committees. These platforms enable participants to speculate on electoral results, sporting competitions, and government policy decisions. Concerns regarding insider trading exploitation remain the primary driver behind this congressional investigation.
Polymarket Confirms User Funds Safe After Private Key Incident - TokenPost
Polymarket Vice President of Engineering Josh Stevens has officially denied rumors claiming the platform suffered a smart contract hack. According to Stevens, all user funds remain secure, and the recent security incident did not compromise Polymarket's trading infrastructure or liquidity systems. The panic began after blockchain analysts detected suspicious transfers exceeding $520,000 connected to Polymarket's UMA CTF Adapter on the Polygon network. The adapter plays a critical role in linking Polymarket prediction markets with UMA's oracle system, which handles market outcome settlements and payout verification. Despite early concerns from the crypto community, Stevens clarified that the issue was not caused by a vulnerability in Polymarket's smart contracts. Instead, the breach stemmed from the compromise of an outdated private key created nearly six years ago. The old key was tied to an internal "top-up config" system used for automated balance replenishment. Once compromised, the attacker managed to redirect funds to an external wallet address. Blockchain investigators traced the suspicious activity to wallet address 0x8F98...9B91, which allegedly received the stolen assets. Reports also identified a drained technical wallet associated with the platform's infrastructure. Polymarket has since taken immediate action to contain the incident. The compromised key was rotated and fully removed from the production environment, while all related permissions were revoked. To strengthen platform security, the company also announced a migration of all sensitive credentials to cloud-based Key Management Systems (KMS), reducing the risk of future private key leaks. The security event arrives as prediction markets face increasing regulatory scrutiny in the United States. The U.S. House Oversight Committee recently launched an investigation into possible insider trading activities tied to geopolitical and election-related betting markets. Polymarket is expected to submit details regarding its user verification and suspicious transaction monitoring processes by June 5. Despite both technical and regulatory challenges, Polymarket insists the platform continues operating normally, with no impact on customer balances or trading activity.
