Polymarket’s UMA vote upholds ‘No’ outcome on Strategy bitcoin sale market despite backlash
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Polymarket has upheld a "No" outcome in the final review of a controversial market asking whether Michael Saylor's Strategy would sell any bitcoin by May 31, fueling further backlash among traders on social media.
Key facts
The dispute centers on Strategy's disclosure that it sold 32 BTC for roughly $2.5 million between May 26 and May 31, marking the firm's first bitcoin sale since December 2022
The trader claimed to have lost $500,000 after Polymarket allegedly kept the market open for betting on June 1, prompting him to place large "Yes" bets
Polymarket has upheld a "No" outcome in the final review of a controversial market asking whether Michael Saylor's Strategy would sell any bitcoin by May 31, fueling further backlash among traders
Traders supporting a "Yes" resolution argued that the filing confirmed the sale occurred before the May 31 deadline specified by the market
Summary
On Wednesday, the market concluded its final review in a UMA vote, a mechanism used to resolve disputed markets on the platform. The event contract drew scrutiny after resolving to "No" twice previously, where both outcomes were subsequently challenged. The dispute centers on Strategy's disclosure that it sold 32 BTC for roughly $2.5 million between May 26 and May 31, marking the firm's first bitcoin sale since December 2022. Traders supporting a "Yes" resolution argued that the filing confirmed the sale occurred before the May 31 deadline specified by the market.