Tag: Prediction Markets
Gemini's Brutal Retreat: 200 Jobs Cut, Three Markets Abandoned as the Winklevoss Twins Fight for Survival
On February 5, 2026, Gemini Space Station Inc. — the crypto exchange founded by billionaires Cameron and Tyler Winklevoss — announced it would slash up to 200 jobs (roughly 25% of its remaining global headcount), exit the United Kingdom, the European Union and Australia entirely, and concentrate its dwindling resources on the United States and Singapore. The restructuring, carrying an estimated $11 million in pre‑tax charges, comes as Gemini's stock has cratered 85% from its September 2025 IPO highs, its global spot market share has shrunk to just 0.1%, and Bitcoin has fallen roughly 40% from its October 2025 peak — a confluence of pressures that has turned one of crypto's most recognizable brands into a cautionary tale of overexpansion.
Bombs and Bets: Polymarket's $529M Iran Strike Market Exposes Six Wallets That Turned $61K Into $493K — Hours Before the First Explosions Hit Tehran
Polymarket's "US strikes Iran by February 28" contract accumulated $529 million in total trading volume — one of the largest single prediction markets the platform has ever hosted. Bubblemaps SA identified six newly created wallets that collectively netted $1.2 million by purchasing contracts hours before the first explosions hit Tehran, with the largest wallet converting $61,000 into $493,000. Israeli authorities have arrested military personnel for similar insider betting. US legislators are now pushing a bill targeting prediction market abuse. The questions this case raises about anonymous markets and information asymmetry may define the regulatory future of decentralized prediction platforms.