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The U.S. Justice Department charged Google software engineer Michele Spagnuolo with insider trading, alleging the employee made $1.2 million trading on Polymarket based on confidential business information. Spagnuolo, who used the name “AlphaRaccoon” on Polymarket, has worked at Google for over 12 years, according to information on LinkedIn. “As alleged, Spagnuolo violated the duties he…
Prediction market startup Kalshi announced on Thursday a $1 billion Series F round, valuing the company at $22 billion. That’s double the $11 billion valuation Kalshi nabbed just five months ago after raising a $1 billion Series E. This latest round was led by Coatue, with participation from Sequoia, Andreessen Horowitz, and Paradigm. The startup…
A special forces soldier involved in the operation that captured Venezuelan President Nicolás Maduro has been indicted by the U.S. Justice Department. His alleged crime? Making numerous bets on the prediction market Polymarket that Maduro would be removed from power, for which he is said to have made upwards of $400,000. Authorities claim Gannon Ken…
A Democratic congressman had harsh criticism for Polymarket for allowing users to bet on the date the United States would confirm the rescue of Air Force service members shot down over Iran. In a social media post on Friday, Representative Seth Moulton wrote, “They could be your neighbor, a friend, a family member. And people…
Few rivalries in the startup ecosystem are as intense (and occasionally bitter) as the race between Polymarket and Kalshi for dominance in the rapidly growing prediction market arena. Despite their fierce competition, the CEOs of both companies are investing in 5(c) Capital, a new prediction market-focused VC firm launched by former Kalshi employees, Fortune and…
Prediction platform Polymarket has been on a partnership spree — a trend that continued this week, with a new deal involving Major League Baseball. MLB announced Thursday that Polymarket would be its official prediction market partner, a designation that will allow the site to gain exclusive access to official league data, as well as to…
Prediction market users have made — and profited from — big bets around the bombing of Iran by the U.S. and Israeli military. On Polymarket, $529 million was traded on contracts tied to the timing of the attack, according to Bloomberg. An analysis by analytics firm Bubblemaps SA found that six newly-created accounts made a…
OpenAI has fired an employee over the employee’s activity on prediction markets, including Polymarket, the company confirmed to Wired. The employee used confidential OpenAI information in connection with the trades made, the company alleges. OpenAI didn’t release the name of the employee. However, a spokesperson said that such actions violated a company policy that bans…
As crypto platforms explore prediction market integrations, retention data reveals why sustaining user engagement remains one of the industry’s most challenging tasks. While attracting new users may not be a core challenge for crypto, keeping them active beyond the first month is far more difficult, and data from prediction markets is spotlighting the issue. Polymarket…
Predictions markets offer traders more upside than holding the underlying spot crypto, but AI bots and accounts with a 100% win rate raise suspicions of insider trading. Blockchain-based prediction markets are drawing in more speculators as traders hunt for returns that can beat simply holding spot cryptocurrencies, according to a new report. Prediction markets are…