$1.9 million in fake bets led to Polymarket hype: Wall Street Journal

Cryptocurrency prediction market platform Polymarket paid dozens of mostly college-age creators to film themselves placing fake bets, and sometimes faking winnings, on near-identical versions of its website, according to the British Daily Mail. Wall Street Journal The investigation was published on Saturday.

The newspaper reviewed 1,105 videos from 10 creators posted since December, found about 70% bets, and determined that none of the roughly $1.9 million in bets on offer were real.

They include a clip posted in January, showing college student George Makihara celebrating his $100,000 win on a bet that President Donald Trump would say “McDonald’s” that month. the magazine I found out that the footage Makihara responded to was filmed two months ago. Trump did not say the word publicly in January of that year, and more than 50 live accounts that placed the same bet on Polymarket lost.

Creators were seen apparently entering trades on fake versions of the site, including one at the misspelled domain “poiymarket.com,” magazine I mentioned. A source familiar with the matter revealed that the fake site was built by Polymarket, while other videos seen by the newspaper indicated that the sites served as testing environments for the company’s engineers.

While most of the videos showed fake bets, across 118 videos creators advertised fabricated winnings of approximately $900,000 on bets that would have actually lost more than $166,000. According to the report, creators were paid approximately $2,000 to $3,000 per month and were asked not to disclose the arrangement, with some only adding “@polymarket Partner” to their resumes after inquiries from Wall Street Journal.

Polymarket hires marketing firm Virality to manage its network of “shearers.” Wall Street Journal They were only paid when at least 60% of their audience was based in the United States. The prediction market was pushed offshore in January 2022, following a $1.4 million settlement with the Commodity Futures Trading Commission (CFTC) over failure to obtain proper registration in the United States. In November 2025, Polymarket received consent To re-enter the US market through A CFTC licensed exchangePolymarket US, although its main site remains geography For users in the United States.

Polymarket said to Wall Street Journal It is “committed to maintaining accurate, fair and transparent markets” and plans a comprehensive review of its promotional content.

Polymarket in the United States

These findings complicate PolyMarket’s quest for mainstream credibility, even as it faces opposition from U.S. government regulators.

The CFTC, which claims exclusive jurisdiction, has taken a lenient line under Chairman Mike Selig, who has to caution Pushing the industry offshore into an “unregulated space” risks an FTX-style collapse and has toppled states over “regulation by litigation.” Many do just that, considering event contracts illegal gambling: Kentucky File a lawsuit against Polymarket and its rival Kalshi this week sued for unlicensed sports betting, echoing previous moves from before Nevada and Arizona.

The Trump administration responded forcefully. prosecution States including Illinois, Arizona and Connecticut defend prediction markets from state regulation.

Democrats have raised separate alarms. Senator Elizabeth Warren has accused the CFTC of being so “Steamed” by the industry, citing a roughly 25% workforce reduction and a decline in enforcement actions from 58 to 11 in the year, and linking the favorable rulings to companies linked to President Trump and his family. Donald Trump Jr. is an investor in Polymarket and an advisor to it and to everything. Selig has also He faced bipartisan questioning in Congress On insider trading, war-related betting markets, and offshore venues like Hyperliquid.