Polymarket, a decentralized stock market for predictions, is facing a crisis moment. It has alleged governance problems that some very knowledgeable people have suggested are very SERIOUS problems — the kind of problems that could (and an SEC could) make for an unregistered securities offering. Indeed, in recent days, a $7 million bet made on Polymarket has aroused enough controversy that several cryptocurrency insiders have taken to Twitter to express serious and well-argued doubts about Polymarket’s integrity. Alleged Influence from UMA Whale Polymarket’s rapid shift in odds has led some to suspect manipulation, particularly after reports surfaced suggesting a large
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