The prediction market on Polymarket regarding Ukrainian President Volodymyr Zelenskyy’s attire has concluded amid significant controversy. The market resolved with a final outcome of “No,” despite extensive media coverage suggesting he was indeed photographed wearing a suit.
Key Highlights:
The ruling from Polymarket declared “No” regarding Zelenskyy wearing a suit, leading to considerable backlash from traders.
Critics expressed their discontent, pointing out media reports and photographic evidence supporting the opposite view.
This incident marks the second controversy surrounding Zelenskyy’s wardrobe within Polymarket’s trading framework.
Over $237 million was exchanged in this high-profile market, which has emerged as one of the platform’s most active this year. The query posed to traders was whether Zelenskyy would be “photographed or videotaped wearing a suit” between March 22 and June 30.
Zelenskyy Generates Headlines by Changing from Military Attire at NATO Conference
During a NATO event in the Netherlands on June 24, Zelenskyy gained widespread attention for allegedly wearing what many characterized as a suit.
However, the decentralized oracle of UMA deemed the evidence insufficient, stating there was no “consensus of credible reporting” on the matter. The contract was initially settled as “Yes,” but after a challenge, the resolution was reversed. Following a second review, the final decision was locked in as “No” on Tuesday evening.
The outcome prompted backlash from both traders and commentators, who accused the protocol of inconsistency and ineffective governance. Critics highlighted numerous press articles and visual documentation clearly depicting Zelenskyy in a black jacket, collared shirt, and coordinating trousers—an outfit that many argued fit the definition of a suit.
Others pointed out that a similar outfit worn by Zelenskyy in a previous trading market was similarly deemed ineligible, leading some to view this latest rejection as consistent with prior decisions.
Despite previous justifications, the reaction from the trading community was fervent. Martin Shkreli, a controversial figure within the crypto realm, aired his grievances via livestream on July 1, describing the resolution process as a “scam” and hinting at plans to confront Polymarket’s investors.
The uproar also spilled over to competing platforms, with traders on Myriad Markets wagering on how Polymarket’s oracle would rule. Notably, menswear expert Derek Guy inflamed the situation by stating on June 26 that Zelenskyy’s outfit was “both a suit and not a suit.”
This incident is not the first time Zelenskyy’s fashion choices have ignited debates on Polymarket. A previous dispute occurred in May regarding whether his ensemble during a meeting in Germany constituted a suit, which ultimately resolved in the negative despite Derek Guy’s assertion that the matching fabric qualified.
Polymarket Approaches Unicorn Valuation Following $200M Investment
Reports indicate that Polymarket is on the verge of finalizing a $200 million funding round led by Peter Thiel’s Founders Fund, potentially positioning the crypto-driven prediction market at a valuation of $1 billion.
Despite facing a ban in the U.S. and an FBI raid last year, Polymarket has seen its user base and market activity soar, currently featuring over 21,000 open markets and $700 million in active trading volume.
The platform has also established a partnership with Elon Musk’s X to integrate its prediction markets with Grok, X’s AI chatbot, thereby enhancing its visibility even amid ongoing regulatory challenges.
Polymarket has experienced remarkable growth since the buildup to the 2024 U.S. elections, peaking at $2.5 billion in trading volume in November. Nonetheless, it still operates under restrictions in various countries and continues to face scrutiny over the potential for market manipulation.
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