Polymarket's viral videos showed people winning big, but the bets were fake
Polymarket is seeking the CFTC’s permission to bring its main exchange back to the US, but also offers a more limited, US-regulated version of its trading service through a mobile app. Polymarket launched the app last year after acquiring QCX, a firm that is licensed by the CFTC and now operates under the name Polymarket US.
The Journal said it reviewed 1,105 videos made by 10 creators and identified fake bets totaling $1.9 million. While most of the videos were of fake bets being placed, there were 118 videos of “creators reacting to outdated footage or fake headlines suggesting they’d won.”
Those 118 videos showed creators winning almost $900,000, but the bets in reality would have lost over $166,000, the report said. The Polymarket “campaign racked up more than 140 million views on TikTok, YouTube and Instagram,” the report said, citing data from analytics provider Tubular.
Polymarket “hired...
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