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Polymarket has faced significant scrutiny over its market manipulation practices, particularly highlighted by the Venezuelan election market scandal. Despite official results from Venezuela's National Electoral Council (CNE) and Supreme Court
declaring Nicolás Maduro as the winner, Polymarket resolved the market in favor of another candidate, González. This decision raised alarms about the platform’s integrity.<br />
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Here’s how the manipulation unfolded:<br />
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Influence of Whales: Large investors, known as "whales," can exert considerable control over market outcomes on Polymarket. In the case of the Venezuelan election, whales invested heavily in shares predicting González’s win, effectively swaying the market resolution despite official results.<br />
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Contradictory Outcomes: The resolution of the Venezuelan election market contradicted the official and widely accepted results. This discrepancy indicates that Polymarket’s market resolutions may not always align with reality, but rather with the interests of those with the most significant investments.<br />
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Lack of Transparency: The platform’s failure to address these issues or provide clear explanations further fuels concerns about manipulation. Users who expected the market to reflect the official results found themselves at a disadvantage, unable to challenge the unfair outcomes.<br />
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This manipulation undermines trust in Polymarket and highlights the risks of relying on a platform where market results can be skewed by influential investors.
Review date 2024-08-23 04:49:34
