Polymarket sued for Strategy's sale of Bitcoin prediction market ruling dispute BlockBeats News: On July 7th, two plaintiffs filed a lawsuit against Polymarket, accusing it of breach of contract and deceptive behavior in a prediction market related to whether Strategy will sell Bitcoin before the end of May. According to the lawsuit submitted to the New York State Supreme Court on July 3, plaintiffs William Wood and Thomas Bush have named Polymarket, its CEO Shayne Coplan, Chief Marketing Officer Matthew Modabber, and other related entities and individuals as defendants. The lawsuit alleges that the two plaintiffs hold a "Yes" position in a binary prediction market, and the question in the market is whether Strategy will sell any Bitcoin holdings before May 31st. According to the Form 8-K document submitted by Strategy to the US Securities and Exchange Commission (SEC), the company did indeed sell 32 bitcoins (BTC) between May 26th and 31st. However, the plaintiff pointed out that Polymarket ultimately ruled the market as' No '. They claimed that the platform added a clarification statement before settlement, which actually changed the judgment criteria from "whether the sale was completed before May 31" to "whether it was publicly confirmed to have been sold before May 31". Due to a change in this standard, despite Strategy selling Bitcoin within the deadline, the predicted market was ultimately judged as' no 'on June 3rd through a vote by UMA (the mechanism used by Polymarket to arbitrate disputed markets). [Original link]