Polymarket invalidated trades tied to MicroStrategy’s Bitcoin sale due to timing discrepancies, sparking user backlash and a pending dispute resolution.
Polymarket voided $80M in bets on a market tied to MicroStrategy’s Bitcoin sale, citing no confirmation within the specified timeframe. The platform stated that external disclosures, including on-chain data or company statements, did not qualify as valid triggers for the market’s outcome.
The dispute follows MicroStrategy’s May 5 earnings call, where CEO Michael Saylor suggested a potential Bitcoin sale to stabilize markets. The company had previously pledged never to sell its holdings, making the reported sale a notable shift. Bitcoin prices dropped 2.5% to $70,815 after the news but later recovered partially.
Users criticized Polymarket’s decision, with some calling it a breach of trust. A second dispute is pending resolution by 12:00 am UTC Wednesday, after which the order book may be cleared if no statement is issued.