A bet worth more than $13.20 million on the Polymarket platform on whether an Ethereum ETF would be approved by May 31 did not specify what "approval" meant. On May 23, the market closed with a "yes" after the Securities Exchange Commission approved multiple Ethereum ETF 19b-4 filings. Polymarket's logs show that the result was controversial at one point, but ultimately resolved with a "yes" result.
But voters who voted "no" argued that the call was incorrect, saying that US ETFs needed an approved 19b-4 petition and S-1 form to start trading on exchanges, and that there could be no "yes" outcome without an S-1 filing.
Analysts say it could be months before the Securities Exchange Commission approves the S-1, and some voters who voted against it may have placed their bets on it.
Polymarket faces backlash over 13 million dollar Ethereum ETF bet'approved '
2024-05-24 03:33:05
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