Markets, Ukraine, Polymarket, Uma Protocol BornTooLate.Eth has accrued over 1.3 million UMA tokens to assault a Ukraine-themed market — however no one has appeared to have made a lot cash.
A rogue actor working from an Ethereum pockets ‘BornTooLate.Eth’ has engaged in a governance assault on UMA, a decision-making oracle utilized by Polymarket, to assault the end result of a Ukraine-themed contract by turning into one of many largest holders of UMA tokens.
UMA is a decentralized “optimistic” oracle protocol that resolves disputes in prediction markets by permitting UMA token holders to vote on contentious outcomes. It has confronted its share of controversy for resolving disputed markets, corresponding to Barron Trump’s involvement in a Presidential meme coin, the character of ‘finding’ the OceanGate submarine, and Venezuela’s contested election, drawing criticism as a consequence of subjective choices that annoyed sure market individuals.
On-chain information reveals that BornTooLate.eth has roughly 1.3 million UMA tokens, making them a top-5 governance staker and giving them vital sway over the decision of UMA disputes.
In the case of this Ukraine-themed market that was attacked, the contract asked bettors to invest on the potential of a deal being signed involving U.S. entry to the nation’s fee earth assets by the tip of March.
A deal is within the works, reports say, however nothing has been signed. And but on Polymarket, it resolved to ‘sure’ after BornTooLate.Eth used his staked UMA tokens to vote ‘yes’ on the resolution.
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Curiously, this assault does not appear to have netted a big payday for any of the individuals.
Market information from on-chain curator Polymarket Analytics reveals that the biggest winner from the contract took dwelling simply over $55,000.
Likewise, the losses have been fairly reasonable in comparison with different closely-watched Polymarket contracts with the most important loser forfeiting round $73,000.
An etherscan page for BornTooLate.Eth reveals that the actor started accumulating UMA tokens over a yr in the past. Given their holdings of over 1.3 million tokens, constructing that form of treasury for the assault would have cost over $2 million.
For its half, Polymarket says no refunds can be issued as a result of this is not a “market failure” and mentioned in an announcement on Discord it’s working with the UMA oracle workforce to forestall it from occurring once more.
“This market resolved against the expectations of our users and our clarification,” a spokesperson posted on Discord. “We’re committed to building the future of prediction markets, which requires building resilient systems in which everyone can trust.”
Polymarket founder Shayne Coplan did not instantly reply to a request for remark.
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