Zelenskyy Suit Controversy Ends in “No” on Polymarket, Traders Cry Foul

Polymarket’s closely watched prediction market on whether Ukrainian President Volodymyr Zelenskyy would appear in a suit before July has ended in controversy, closing with a final resolution of “No” despite widespread media coverage suggesting otherwise.

The market, which drew over $237 million in trading volume, became one of the platform’s most active this year.

It asked whether Zelenskyy would be “photographed or videotaped wearing a suit” between March 22 and June 30.

Zelenskyy Sparks Buzz by Ditching Signature Military Look at NATO Event

Zelenskyy was widely reported to have worn what many described as a suit during a June 24 NATO event in the Netherlands.

However, the decentralized oracle operated by UMA ruled the evidence insufficient, citing a lack of “consensus of credible reporting.”

Initially resolved as “Yes,” the contract outcome was reversed after a challenge, with a second review ultimately locking in the “No” result on Tuesday evening.

The ruling sparked backlash from traders and commentators, some accusing the protocol of inconsistency and poor governance.

Critics pointed to multiple press reports and visual footage that clearly showed Zelenskyy in a black jacket, collared shirt, and matching trousers—an ensemble many argued met the criteria.

Others noted that a similar outfit worn by Zelenskyy in a previous market had also been ruled as not qualifying as a suit, suggesting the rejection was in line with precedent.

Still, the reaction was heated. Martin Shkreli, a polarizing figure in the crypto space, livestreamed his frustration on July 1, labeling the resolution process a “scam” and threatening to raise the issue with Polymarket’s backers.

The controversy spilled into rival platforms, with traders on Myriad Markets launching bets on how Polymarket’s oracle would rule.

Prominent menswear commentator Derek Guy added fuel to the fire, quipping on June 26 that the outfit was “both a suit and not a suit.”

This is not the first time Zelenskyy’s wardrobe has triggered a betting uproar on Polymarket.

A similar dispute erupted in May over whether his outfit during a German meeting counted as a suit.

That market ultimately ruled “no,” despite Derek Guy asserting the matching cloth made it technically a suit.

Polymarket Nears Unicorn Status With $200M Raise

As reported, Polymarket is close to securing a $200 million funding round led by Peter Thiel’s Founders Fund, valuing the crypto-based prediction platform at $1 billion.

Despite being banned in the U.S. and raided by the FBI last year, Polymarket’s user base and market activity have surged, with over 21,000 open markets and $700 million in active trading volume.

The platform recently partnered with Elon Musk’s X to integrate prediction markets with Grok, X’s AI chatbot, boosting its visibility amid ongoing regulatory hurdles.

Polymarket has seen explosive growth since the 2024 U.S. election, hitting a $2.5 billion trading peak in November, but it remains restricted in several countries and faces criticism over potential market manipulation.