Polymarket Overturns Oracle Decision on Barron Trump’s Involvement in DJT Meme Coin

Polymarketa decentralized prediction market platform, has backtracked on a resolution provided by its UMA oracle service regarding a betting market on the involvement of Barron Trump, son of former US President Donald Trump, in a meme coin called DJT .

The controversy has been growing for days UMA has solved a market question as to whether Barron Trump was, in fact, linked to a meme coin called TrumpCoin with the ticker DJT.

The UMA repeatedly concluded that the answer was “no,” but “yes” stockholders raised objections.

On June 26, Polymarket claimed that UMA had made an incorrect resolution and promised to announce a resolution soon. The following day, it posted that it was “conclusive that he was, in fact, involved in some capacity” with DJT.

The prediction market also said that in addition to issuing refunds to those who bet on a “yes” outcome, it is actively working to improve its oracle and resolution process.

Polymarket’s sudden move is the latest twist in the two-week drama surrounding DJT, a Trump-themed meme coin in which neither the Trump campaign nor Barron’s have admitted or denied involvement.

According to Polymarket’s contract, the market would answer “Yes” if there was concrete evidence of Barron Trump’s involvement in the creation of the Solana $DJT token. Otherwise, it would resolve to “No.”

Bettors had wagered over $1 million on this market, as indicated on the Polymarket page. UMA’s optimistic oracle operates by recording truth or verifiable data for smart contracts, with dispute resolution decided through votes of token holders.

The situation surrounding the DJT token has been evolving since the Solana-based meme coin gained viral attention last week. Donald Trump’s campaign has yet to respond to questions about its involvement in the project.

Meanwhile, the controversial entrepreneur Martin Shkreli claimed to have co-created DJT, as revealed by blockchain investigator ZachXBT.

Blockchain analytics platform Arkham has awarded a $150,000 bounty to ZachXBT for exposing that Shkreli was behind the DJT token.

At the time of publication, the price of the DJT token had fallen by 38% over the past three days, per data from CoinMarketCap.

Previously, betting on the US election had led to a surge in activity on Polymarket, with more than $170 million wagered on election-related events. Former president Donald Trump he even shared Polymarket’s estimates on the likelihood of his return to the White House.

In early 2022, Polymarket faced a $1.4 million fine from the CFTC for engaging in over-the-counter binary options trading without proper registration. by Polymarket cooperation with the regulatory authority resulted in a reduction of the fine and the project confirmed that the issue was successfully resolved.

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