191–200 of 234 posts
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Don't forget about regimes like Iran and North Korea using crypto to receive bribes, ransomware payments, and launder money. Crypto is a cesspool. Just wait for the bank runs when everyone tries to bail out. There's a reason we have banking regulations.
> Crypto is a cesspool. Wait until you hear about the US Dollar.
Interesting the federal government can't seem to find the resources to investigate their own internal insider trading related to war and foreign policy.
> He did not enter a plea and was released on a $2.25 million bond I'm not familiar with the US system of bond. Is this payment a kind of fine that you don't get back, or a temporary payment? And what does it give you? I mean if prosecuted you get prison anyway, right?
It’s temporary, yes. Basically just collateral to promise you’ll show up for the court hearings. Often they’re paid through bondsman who finance bonds (you pay them a fee). Which also results in a bounty hunting industry for the people that do run away.
Innocent until proven guilty is kind of a lie. The US has so many edge cases like this where our US Constitutional rights have been severely neutered.
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I don't think this is entirely true. Polymarket is extremely transparent on user accounts and markets so you can see who is betting what, their other bets, and so on. The article mentions that other users fingered him for insider trading. That itself opens up an opportunity for profit, by simply following the trades on what he seems to be an insider on. It'd be like if you could see in real time what Nancy Pelosi was…
Some predictions are like "How many shoes will be thrown at the next Bush speech?" Just the presence of the question affects the outcome.
It's akin to betting on penny stocks in the market where you are also aware that a single person could dramatically shift the market one way or the other if they wanted so you're betting not just on the stock's performance, but also on the meta-market.
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Yeah I’m not entirely sure how what he did was illegal. I hope he can afford good attorneys. Hard to see this as anything other than a way to take the heat off the White House for using insider information to profit on prop betting sites.
The charges are a bit funny. [1] "From at least in or about October 2025 up to and including at least in or about December 2025, in the Southern District of New York and elsewhere outside of the jurisdiction of any particular State or district of the United States". Um yes, everywhere is either inside of or outside of the jurisdiction of SDNY. But argueable, if you're charging somebody it only matters if it's _inside…
So, after doing some light Googling and AI research, this doesn’t seem to be strictly an “insider trading” charge from the SEC. It looks more like a broader fraud case. The charges are commodities fraud / Commodity Exchange Act violation, wire fraud, and money laundering, and the case is being brought by the DOJ. So, lawyers, please correct me if I’m wrong, but this feels more like prosecutors found a legal framework…
So I genuinely don't understand what he is being charged with. What precisely is the "fraud"? The entire point of prediction markets is to get people with better information to participate, i.e. "insiders".
Insider trading with public corporations has tons of specific laws around it to clearly define what is insider information and what isn't. Prediction markets don't have any of that.
And the article does nothing whatsoever to clarify what the heck the actual fraud is supposed to be.
(And I understand this is against Google policy, but that's not what this is about.)
So, after doing some light Googling and AI research, this doesn’t seem to be strictly an “insider trading” charge from the SEC. It looks more like a broader fraud case. The charges are commodities fraud / Commodity Exchange Act violation, wire fraud, and money laundering, and the case is being brought by the DOJ. So, lawyers, please correct me if I’m wrong, but this feels more like prosecutors found a legal framework…
Right. I was very surprised because there aren't laws against insider trading on prediction markets. So I genuinely don't understand what he is being charged with. What precisely is the "fraud"? The entire point of prediction markets is to get people with better information to participate, i.e. "insiders". Insider trading with public corporations has tons of specific laws around it to clearly define what is insider i…
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If it's unregulated, how are people getting charged with insider trading?
I believe Polymarket wants it to fall under the regulations of cftc as it is implemented like an option/event contract. And cftc says that they don't care about which technology is used. But as far as I now this is the first case it will be tested for real and the views of cftc and a judge may not be the same. I fail to see how it can be classified as insider trading. But, it is till fraud so I'm not sure how much it…
In my view, anyone participating in these markets does so knowing that the outcomes are within the control of other participants. I can't think of any other reason individual account activity is public.
I was curious how a man in Switzerland gets charged in the US for a placing bets on a site that doesn't allow the US to participate. The short answer seems to be that he stole private information from a US company and used that information to enrich himself. And then got that charge enhanced with things like wire fraud and transacting on systems involving US currency. And another commentor suggests that punishing ins…
However, it requires a small set of people to lose money so that the rest of us can have a clearer picture of the future.