New York Wants to Ban Polymarket, Lawsuit Calls It 'Illegal Gambling Operation'
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New York sues Polymarket over alleged illegal gambling business
The action filed by state lawmakers followed a similar lawsuit against prediction markets company Kalshi in July that alleged the platform was running an illegal gambling operation.
South Korean regulators are reviewing whether Polymarket constitutes illegal gambling, giving it an opportunity to respond before making a decision.
PANews reported on July 6 that, according to The Block, South Korea's media regulator will give Polymarket an opportunity to respond before deciding whether to take corrective action against its prediction market platform. The regulator is reviewing whether Polymarket's services constitute illegal gambling activities prohibited by South Korean law.
South Korea moves to block Polymarket over gambling concerns
The Korea Media and Communications Commission said Polymarket’s structure and operations amount to illegal gambling despite its noncustodial design and smart contracts.
A Bitcoin address that had been dormant for nearly 15 years showed unusual activity, sparking a lawsuit in New York concerning the ownership of a "dormant Bitcoin".
According to BlockBeats, on July 6th, a Bitcoin address that had been dormant for nearly 15 years made its first transaction, transferring out 30 BTC, worth approximately $1.88 million at current prices. Galaxy Research's on-chain data shows that address "1KV47" had not made any transactions since receiving 30 BTC in August 2011, until last Saturday when it first transferred funds outwards. This address is one of 39,069 dormant Bitcoin addresses involved in a New York lawsuit. The plaintiff, "Noah Doe," and two Wyoming-registered companies are attempting to claim ownership of the Bitcoin in these long-inactive addresses under New York State lost property law. Sani, founder of the analytics platform Timechain Index, stated that these addresses collectively hold approximately 3.7 million BTC, worth about $234 billion, including addresses widely believed to belong to Satoshi Nakamoto. Alex Thorn, research director at Galaxy Digital, stated that dormant addresses associated with the lawsuit have seen a significant increase in activity recently. In June, 31 addresses transferred 17,527 BTC, compared to only 5 addresses transferring 4,834 BTC in February. However, the legal community generally considers the lawsuit's grounds weak. Last Friday, a defendant claiming to control one of the addresses, "John Doe 33," filed for dismissal, arguing that Bitcoin addresses are merely data strings and not entities that can be sued. Edwin Mata, CEO and lawyer at tokenization platform Brickken, stated that the mere fact that an address has been inactive for an extended period does not prove that assets have been abandoned. Under property law, establishing abandonment usually requires proof that the owner had a clear intention to relinquish their property rights. Dormant addresses may simply be due to long-term cold storage, lost private keys, or the holder choosing to hold the property long-term, thus insufficient to support the plaintiff's claims.
An anonymous Bitcoin holder has filed a lawsuit in a New York court seeking to dismiss a claim against the ownership of a "dormant Bitcoin wallet."
According to Odaily, the New York State Supreme Court has seen a key defense in a lawsuit concerning ownership of 39,069 long-dormant Bitcoin addresses. An anonymous defendant who controls the dormant wallets in question has formally filed an application with the court requesting that the lawsuit be dismissed outright. The anonymous holder argued that a Bitcoin address is merely a string of data characters on the blockchain, not a legally recognized entity, and therefore not qualified to be sued. Furthermore, industry experts pointed out a critical technical shortcoming: even if the court ultimately rules in favor of the plaintiff, without the corresponding private key, the plaintiff cannot transfer or control these Bitcoin assets on the blockchain, rendering the judgment unenforceable. The plaintiff in this lawsuit is attempting to apply New York lost and found regulations, claiming that tens of thousands of long-dormant BTC are abandoned assets, intending to acquire full ownership through legal means. (Cointelegrap)
Jpmorgan Ended Banking Relationship With Polymarket Over Regulatory CONCERNS: Wsj
AggrNews News, Jpmorgan Ended Banking Relationship with Polymarket Over Regulatory CONCERNS: Wsj