Polymarket · Strategy · Bitcoin · New York · SEC · Decrypt
William Wood and Thomas Bush filed the complaint in the New York Supreme Court on July 3
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1 month ago, Polymarket scammed me for $500K, with 1,868 traders losing a total of $6.5M.
Key facts
- 1 month ago, Polymarket scammed me for $500K, with 1,868 traders losing a total of $6.5M
- In April, the firm was reportedly seeking to raise $400 million at a $15 billion valuation
- The Michael Saylor-led firm did exactly that, disclosing in a June 1 SEC filing that it sold 32 BTC between May 26 and 31, its first such sale since 2022 — It would not be Strategy's last sale: the company has since outlined a plan to sell up to $1.25 billion more to fund its dividends, and this week offloaded some $216 million in Bitcoin under its “BTC monetization program
Summary
Two traders sued Polymarket in New York, alleging it wrongly resolved a market on whether Strategy would sell Bitcoin by May 31 as "No. Strategy disclosed having sold 32 BTC inside that window, but Polymarket ruled the sale wasn't publicly confirmed in time, which the plaintiffs call a retroactive rule change. The suit names CEO Shayne Coplan and seeks the $1-per-share payout on the traders' "Yes" shares, plus damages. Two Polymarket traders are suing the prediction market platform, claiming it rewrote a market's rules after the fact to deny them a winning payout tied to Strategy's Bitcoin sale. William Wood and Thomas Bush filed the complaint in the New York Supreme Court on July 3, naming Polymarket CEO Shayne Coplan and chief marketing officer Matthew Modabber.