Polymarket collaborates with Chainalysis to introduce detection models, combating insider trading in prediction markets
Foresight News reported, citing Bloomberg, that Polymarket has partnered with blockchain analytics firm Chainalysis Inc. to help regulate its platform. Polymarket stated on Thursday that the tools developed by Chainalysis for its cryptocurrency exchange include a detection model "designed to identify patterns consistent with insider information in prediction markets." Other tools will provide evidence for law enforcement and regulatory agencies, and enhance protections against cybersecurity threats.
In recent months, a series of well-timed and highly profitable insider trading cases have drawn significant attention to the industry, putting platforms under great pressure to crack down on insider trading. Neal Kumar, Chief Legal Officer at Polymarket, said that the cooperation with Chainalysis will help Polymarket identify problematic trades. Last month, Polymarket updated its rules to prohibit trading based on stolen confidential information and illegal insider news, and also banned people who have the ability to influence event outcomes from placing bets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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