Overview
- The complaint filed July 3 in New York Supreme Court says two traders were denied $1-per-share payouts after Polymarket resolved a contract about Strategy selling Bitcoin as “No.”
- Plaintiffs say Strategy sold 32 BTC between May 26 and May 31 and that the company’s June 1 SEC Form 8-K documented the sale within the market window.
- Polymarket added a post-deadline clarification that confirmation after the market period does not qualify, and holders of the UMA Optimistic Oracle voted to finalize a “No” outcome.
- The suit names Polymarket entities and executives and brings claims for breach of contract, deceptive practices, unjust enrichment, and false advertising while seeking the $1 redemption value and other damages.
- The case lands against a backdrop of rising scrutiny of Polymarket’s dispute process, reported platform security and marketing issues, and a CFTC inquiry, and it could force clearer drafting of market rules and oracle governance.