The Weekly Grind (Sep 15–Sep 21): Polymarket's 80% Fraud Disaster

Weekly Grind (Sep 15–Sep 21): Polymarket’s 80% Fraud Disaster

This week in crypto was a rollercoaster of scandals, legislative drama, and regulatory maneuvers. From Polymarket’s massive fraud issue to the demise of the CLARITY Act, the crypto world is grappling with challenges on multiple fronts. Meanwhile, Visa is cracking down on crypto purchases via credit cards, and Robinhood is cleaning up internal messes.

The Big Stories

• Polymarket’s Fraud Fiasco: Polymarket’s payment processor flagged 80% of US deposits as fraudulent. CEO Shayne Coplan allegedly told the team to keep growing and worry about fines later. Read more: Polymarket’s Fraud Issue

• Visa’s Crackdown on Memecoins: Robinhood Wallet users were buying memecoins with credit cards, earning cash back due to a loophole. Visa has now ordered processors to use the correct codes for crypto transactions. Full story: Visa’s Memecoin Crackdown

• Senate Kills CLARITY Act: The Senate voted 49-50 against the CLARITY Act, a major blow to crypto regulation efforts. Meanwhile, the CFTC moved forward with its own crypto rules. Details here: Senate Kills CLARITY

• Robinhood’s Internal Scandal: Two engineers front-ran token listings, making $50K each. They’re now facing up to 30 years in prison. More info: Robinhood’s Scandal

By the Numbers

• 80% of Polymarket’s US deposits were flagged as fraudulent.
• $10 million laundered through Polymarket in fraudulent bets.
• $21 billion Polymarket’s valuation despite fraud issues.
• 49-50 Senate vote against the CLARITY Act.
• $50,000 profit made by each Robinhood engineer through front-running.

What This Means for Crypto Jobs

The fraud and legal issues surrounding companies like Polymarket and Robinhood could result in tightened compliance and legal roles as firms aim to clean up their acts. On the flip side, the collapse of the CLARITY Act might stall hiring in regulatory affairs until the dust settles. Community Manager roles remain lucrative, with salaries ranging from $90K to $300K, as protocols seek to maintain strong user engagement.

Find your next crypto role at cryptogrind.com.