Polymarket, a crypto-based prediction market, has faced controversy and legal issues in Singapore and the United States. In Singapore, the platform has been classified as a gambling site and individuals accessing it could face severe penalties. Polymarket has also come under fire for creating betting markets related to the devastating Palisades wildfire in Los Angeles, with users accusing the platform of profiting off human suffering and incentivizing harmful actions. The platform has faced regulatory scrutiny, including a subpoena from the Commodity Futures Trading Commission (CFTC), and the FBI raiding the home of Polymarket's CEO. Despite explosive growth during the U.S. elections, Polymarket's trading volumes have declined significantly since then. The platform's future remains uncertain as it faces public and governmental scrutiny.



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