U.S. Senators Urge CFTC to Investigate Polymarket Over Fraudulent Marketing

Odaily Odaily Planet Daily News U.S. Republican Senator John Curtis and Democratic Senator Adam Schiff sent a letter on Thursday to Commodity Futures Trading Commission Chairman Mike Selig, urging the agency to investigate prediction market platform Polymarket. The letter stated that Polymarket is suspected of paying social media influencers to film fake betting videos, using fraudulent marketing tactics to promote gambling-related products to U.S. audiences.

Earlier reports indicated that Polymarket paid influencers to record fake trades on websites similar to its platform, and many creators did not disclose the fact that they were paid. A review found that 70% of over 1,100 videos contained fake bets, totaling nearly $2 million. Additionally, according to sources familiar with the matter, the CFTC is conducting an ongoing and extensive investigation into Polymarket. The senators have requested that the CFTC Chairman provide a written response on related issues by July 10. (cointelegraph)