👻 What's happening with Polymarket❓

👻 What's happening with Polymarket❓
On October 29, the company suspended operations for several hours due to issues caused by a cyberattack on a third-party provider… And while the incident raised serious reputational concerns, Polymarket's US division🇺🇸 simultaneously received approval from a US industry organization to operate as a futures commission merchant.

🔣 The US platform was not affected by the consequences of the cyberattack.

🔣 Approval from the National Futures Association (NFA) paves the way for Polymarket's further expansion, while other jurisdictions are banning prediction markets of this kind.

🔣 The company currently operates an exchange and an offshore platform registered with the CFTC (Commodity Futures Trading Commission). Obtaining Futures Commission Merchant (FCM) status will allow Polymarket to act as an intermediary responsible for processing customer orders and monetary transactions. The company is expected to operate under a model in which all positions are fully backed by funds at the time trades are executed.

🔣 As for the consequences of the recent security incident, Polymarket announced that it will compensate affected users with USD 3.9 million, of which USD 2.7 million will cover the loss of funds, while a further USD 1.2 million will cover losses associated with the platform's several-hour outage. The attacker remains at large.

#news #predictionmarkets #fraud #USA

🤝 Argentina - issuance - instant acceptance and payouts in the same second starting at 2.5%