Polymarket · Strategy · New York · The Block
Two traders sue Polymarket over disputed resolution of Strategy bitcoin sale market
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Two plaintiffs have filed a complaint against Polymarket alleging breach of contract and deceptive practices in the resolution of a prediction market tied to whether Strategy would sell bitcoin by May.
Key facts
- Meanwhile, the prediction market platform hit its all-time high record for monthly trading volume in June, with its main platform attracting $10.7 billion, while its U.S. platform reported $3.25
- The lawsuit, filed by William Wood and Thomas Bush in the New York Supreme Court on July 3, names Polymarket, CEO Shayne Coplan, CMO Matthew Modabber, and other related entities and individuals
- According to the filing, the plaintiffs held "Yes" shares in a binary market asking whether Strategy would sell any of its bitcoin holdings by May 31
- Per the complaint, Polymarket ultimately resolved the market as "No" after adding clarifying language that plaintiffs allege effectively required public confirmation by the May 31 deadline rather
Summary
The lawsuit, filed by William Wood and Thomas Bush in the New York Supreme Court on July 3, names Polymarket, CEO Shayne Coplan, CMO Matthew Modabber, and other related entities and individuals as the defendants. According to the filing, the plaintiffs held "Yes" shares in a binary market asking whether Strategy would sell any of its bitcoin holdings by May 31. Per the complaint, Polymarket ultimately resolved the market as "No" after adding clarifying language that plaintiffs allege effectively required public confirmation by the May 31 deadline rather than merely a sale by that date. Plaintiffs claim Polymarket altered the market’s terms post-resolution, violating the platform’s core promise of rules-based, objective outcomes.