Despite Polymarket being viewed as a significant "landing application" in the crypto space, a recent viral post on X (formerly Twitter) has accused the platform of being manipulated by a "UMA whale", with two markets involving millions of dollars in bets becoming the core of the controversy, as users question Polymarket's decentralization authenticity.
A user @tatethebrand's
long post revealed a series of controversies about Polymarket. The post included screenshots of two popular betting markets: whether the Iranian Fordow nuclear facility would be destroyed before June 2025, and whether Ukrainian President Zelensky would wear a suit before July. These two markets attracted approximately $23.5 million and $15.4 million in bets, respectively, but the outcomes sparked outrage.
In the Fordow bet, the market predicted a 99% probability of destruction before June. According to Al Jazeera and Wikipedia updates, US B-2 bombers struck the facility on June 15, but the International Atomic Energy Agency (IAEA) stated the next day that "no significant damage" was observed, as Iran had evacuated personnel in advance. The IAEA has not yet made an official determination, leaving the market unresolved and raising suspicions of manipulation and information asymmetry.
Regarding the Zelensky suit bet, despite Kyiv Post publishing a photo of him in a suit on June 25, Polymarket ultimately ruled the result as "No". This decision was made through a UMA community vote, with most UMA token holders choosing "No", leading many users to question whether the platform was "taking sides" in the face of facts.
The post accuses Polymarket of being superficially decentralized but actually controlled by a few large UMA token holders. These "whales" can influence market outcomes through voting mechanisms, creating a near-monopolistic situation. A 2025 arXiv research paper also noted that governance in multiple DeFi protocols is generally concentrated in the hands of a few, questioning the substantive meaning of decentralization.
As the controversy unfolds, Polymarket is currently raising funds led by Peter Thiel's Founders Fund, with a target valuation of $1 billion. The crypto community is divided, with some users claiming significant financial losses and questioning the platform's integrity.
The focus now turns to how UMA and Polymarket will respond to these challenges, with the underlying question being whether truly decentralized platforms can exist in the current crypto ecosystem.
Cryptocurrency investment carries high risks, and its price may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
The Non-Fungible Token (NFT) market, which has been sluggish for a long time, has recently stirred up waves again. Data shows that the total NFT trading volume last week broke through $140 million, reaching a new high since the beginning of this year. ETH performed most brilliantly. Meanwhile, the legendary NFT project CryptoPunks' whale buying for millions of dollars has also sparked market discussion. Is this recovery a short-term rebound or a prelude to a new NFT bull market?
[Rest of the translation follows the same professional and accurate approach, maintaining the specified translations for technical terms]
