Polymarket faces backlash over $13M Ethereum ETF bet ‘approval’

Bets worth over $13.2 million were placed on whether the Ethereum ETF will be approved before May 31st on the Polymarket platform, but it did not specify the specific meaning of "approval". On May 23rd, the market closed with a "yes" result after the US Securities and Exchange Commission approved several Ethereum ETFs' 19b-4 applications. Polymarket's logs show that the result was controversial at one point but ultimately resolved with a "yes" result. However, voters who voted "against" believed that the call was incorrect, stating that US ETFs need to obtain 19b-4 applications and S-1 forms to begin trading on exchanges, and without an S-1 application, there cannot be a "yes" result. Analysts believe that the US Securities and Exchange Commission may take several months to approve the S-1 document, and some voters who voted against may have placed bets on this.