US Senators Urge CFTC to Investigate Polymarket for Fraudulent Marketing

Odaily News: U.S. Republican Senator John Curtis and Democratic Senator Adam Schiff sent a letter to Commodity Futures Trading Commission (CFTC) Chairman Mike Selig on Thursday, urging the agency to investigate the prediction market platform Polymarket. The letter stated that Polymarket allegedly paid social media influencers to film fake betting videos, using fraudulent marketing tactics to promote gambling-like products to U.S. audiences.

Previous reports indicated that Polymarket paid influencers to record fake transactions on websites similar to its own platform, and many creators failed to disclose that they were compensated. A review found that 70% of over 1,100 videos contained fake bets, with a total value approaching $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 to related questions by July 10. (Cointelegraph)