Polymarket is suffering from Uma Governance Attack after the Rouge actor becomes top-5 token stakes

A junk actor who operates from an Ethereum-Watching Book ‘BornToolate.eth’ has been involved in a government attack on Uma, a decision-making Oracle used by the polymarket, to attack the result of a Ukraine-themed contract by becoming one of the greatest holders of Uma Tokens.

UMA is a decentralized “optimistic” Oracle protocol that resolves disputes in the prediction markets by giving Uma -Token holders the opportunity to vote on disputed results. It has been exposed to its share of controversy to solve disputed markets, such as Barron Trump’s commitment to a presidential coin, the nature of ‘finding the’ oceangate submarine, and Venezuela’s disputed elections that draw criticism due to subjective decisions that frustrated certain market participants.

Data On-Chain shows that BornToolate.eth has about 1.3 million uma-tokens, making them a top-5 governance stacks and gives them significant turns over the dissolution of UMA spices.

(Dune)

In the event of this Ukraine-Temema market, attacked, the contract bettors asked to speculate on the possibility of an agreement signed that involves us access to the country’s rate of land resources at the end of March.

(Polymarket)

(Polymarket)

An agreement is in the works, reports say, but nothing has been signed. And yet, on the polymemarket, it decided to ‘yes’ after Borntoolate.ethe used his stacked Uma -tokens to vote ‘yes’ about the decision.

A very unpaid trade strategy

Oddly enough, this attack does not appear to have netted a big payday for any of the participants.

Market data from On-Chain Curator Polymarket Analytics shows that the biggest winner from the contract took home just over $ 55,000.

(Polymarket Analytics)

(Polymarket Analytics)

Likewise, the losses were quite moderately compared to others close to polymarket contracts with the largest loser that lost about $ 73,000.

An Etherscan page for BornToolate.eth shows that the actor began to gather Uma -tokens over a year ago. Given their inventory of over 1.3 million tokens, building that kind of treasury for the attack would have cost over $ 2 million.

The polyming field, for its part, says that no refund will be issued because this is not a “market failure” and said in a declaration of Discord that it is working with the Uma Oracle team to prevent it from happening again.

“This market solved against our user and our clarification expectations,” a spokesman who was released on Discord. “We are obliged to build the future of prediction markets that require the construction of resilient systems where everyone can trust.”

The polymarket -founder Shayne Coplan did not immediately respond to a request for comment.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top