US senators urge CFTC to investigate Polymarket over fraudulent marketing

Odaily Planet Daily News US Republican Senator John Curtis and Democratic Senator Adam Schiff sent a letter on Thursday to CFTC Chairman Mike Selig, urging the agency to investigate the prediction market platform Polymarket. The letter stated that Polymarket allegedly paid social media influencers to create fake betting videos, using fraudulent marketing tactics to promote gambling-type products to US audiences.

Previous reports indicated that Polymarket paid influencers to record fake transactions on websites resembling its platform, and many creators failed to disclose the paid sponsorship. A review found that 70% of over 1,100 videos contained fake bets, with a total value of nearly $2 million. Additionally, sources familiar with the matter revealed that the CFTC is conducting an ongoing and extensive investigation into Polymarket. The senators requested the CFTC Chairman to provide a written response on these issues by July 10. (Cointelegraph)