A Prediction Market Just Doubled Its Valuation to $22B. It Took Five Months.
Three funding rounds in seven months. Annualized volume tripled to $178 billion. Five states are suing it. Coatue, Sequoia, and Morgan Stanley all wrote checks anyway.
Three funding rounds in seven months. Annualized volume tripled to $178 billion. Five states are suing it. Coatue, Sequoia, and Morgan Stanley all wrote checks anyway.
A compromised private key let an attacker automate withdrawals from Polymarket's UMA CTF Adapter on Polygon. ZachXBT flagged it first. Losses passed $700,000 before the team responded. Polymarket says user funds are safe. The attacker has already split the proceeds across 15 wallets.
A Polymarket contract asking whether Prabowo Subianto would leave power before 2029 went live on May 21. By May 22, Indonesia's Ministry of Communication had blocked the site nationwide. The government froze 33,000 bank accounts linked to online betting earlier this year. This is the second Asian country to ban Polymarket in a single week.
Spain's Consumer Rights Ministry ordered ISPs to block both platforms after finding they operate without gambling licenses. The ban follows a Polymarket contract on PM Sanchez leaving office and a Kalshi market pricing his exit at 29%. The block list now includes India, Indonesia, Brazil, Ukraine, France, Belgium, Australia, Portugal, Argentina, the Netherlands, and Spain.
818,334 BTC. A $12.5 billion Q1 loss. An 11.5% dividend on preferred stock that needs to be paid somehow. Polymarket odds on a Bitcoin sale by year-end jumped from 10% to 82% in one week.
Chairman Mike Selig told a FINRA audience that the agency has signed a data-sharing deal with MLB and is now talking to every pro league about insider trading on prediction markets. The NFL, historically resistant, is finally at the table.
India's Ministry of Electronics ordered ISPs to block Polymarket. The site is already unreachable for Indian users. Local media reports say Kalshi is next. The government classifies all prediction markets as illegal online gambling.
The CFTC and DOJ sued Arizona, Connecticut, and Illinois on April 2, 2026 over their attempts to shut down Prediction Markets. The central question — finance or gambling? — is heading toward the Supreme Court.
Weekly volumes have crossed $1 billion on leading platforms. Asia has three of the world's five largest economies. The problem is that China, South Korea, and Japan all treat most forms of wagering as illegal by default.
While regulators blocked Polymarket in India, Indonesia, and Spain this week, Hyperliquid quietly shipped HIP-4 outcome contracts for real-world events. Users can now bet on CPI prints and Fed decisions from the same account they use for crypto perps. No external oracle. No UMA. Validators settle everything.
Ron Hammond, head of policy at crypto market maker Wintermute, is significantly more cautious than prediction markets on the CLARITY Act's 2026 prospects. Bank opposition on stablecoin yield, fluid committee timelines, and Trump-linked political headwinds are his three core concerns.
Seven House Democrats sent CFTC Chair Michael Selig a letter demanding answers on suspicious trades tied to U.S. military actions in Iran and Venezuela. The same trades that made anonymous users hundreds of thousands of dollars in minutes.
Friday gave the prediction market fight its sharpest day yet. Letitia James signed a bipartisan amicus brief in the morning. Hours later, the CFTC named her in a federal lawsuit. New York is now the fourth state the agency has sued in three weeks.
Hours after Trump announced a two-week ceasefire with Iran on April 7, 2026, newly created anonymous wallets had already made hundreds of thousands of dollars on prediction markets — and blockchain analysts were already asking who knew first.
A US District Court granted the CFTC a temporary restraining order halting Arizona's criminal proceedings against federally regulated prediction market platforms. The order follows the CFTC's simultaneous litigation against Arizona, Connecticut, and Illinois — a coordinated assertion of exclusive federal jurisdiction over event-based derivatives.
High Roller Technologies will distribute CFTC-regulated event contracts through Crypto.com's derivatives arm. Monthly prediction market volumes have surged to $21 billion from $1.2 billion in early 2025. The mature US market could exceed $1 trillion annually.