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Logan Paul fakes $1 million Polymarket bet

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Logan Paul fakes $1 million Polymarket bet

An apparent $1 million Polymarket bet placed by Logan Paul during the Super Bowl was actually a stunt that failed to pull the wool over the eyes of crypto sleuths. 

Paul was filmed supposedly placing a bet on the New England Patriots racking up a record-breaking seventh Super Bowl victory. Polymarket captioned the clip “Logan Paul checking Polymarket at the Big Game 👀.”

However, crypto sleuth ZachXBT, and numerous other onlookers noted that Paul’s Polymarket account balance had no money in it, and so the $1 million bet he proceeded to tap through was never going to be made.  

Additionally, ZachXBT pulled up the top holders within that market and showed that none of them matched Paul’s apparent bet.

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He called the stunt “yet another Logan Paul scam,” a comment possibly referencing Paul’s failed CryptoZoo project that lost victims tens of thousands of dollars and led to numerous lawsuits, some of which are still ongoing.

Both Paul brothers played some part in the discourse surrounding the Super Bowl.

Read more: Coinbase’s Super Bowl ad was fun until it wasn’t

ZachXBT also speculated that there’s “at least some sort of relationship not being disclosed” between Paul and Polymarket. 

The sleuth shared one of Paul’s livestreams, filmed days earlier, that showed the influencer trying to candidly promote Polymarket in a fashion ZachXBT described as “inorganic.”

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In the end, it was a good job for Paul that he didn’t make the bet as Seattle won the game 29 to 13.  

Prediction markets are battling state courts 

Polymarket and rival market Kalshi are battling various legal challenges in courts across the US. Today, Polymarket launched a lawsuit against the state of Massachusetts to attempt to prevent it from shutting down its sports prediction markets. 

Polymarket is arguing that the federal law and the Commodity Futures Trading Commission are the only legal tools that can prevent it from offering sports contracts. 

Meanwhile, Kalshi’s advertisements are attracting a different kind of criticism from users online who take offence to the platform framing prediction market gambling as a viable means of making money on the side.

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Crypto podcast host “DeFi_Dad” described Kalshi’s advertisements as “rat poison squared,” noting that its trying to pass off betting on the duration of the national anthem, and other markets, as “easy money” and bets that “normal Joes” are making every day. 

Read more: Maduro Polymarket bet raises insider trading concerns

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“Every ad is uniquely shameless and cringe. Great way to wreck the middle class and young people who SHOULD be taking risks by investing or learning about investing vs gambling,” DeFi_Dad added. 

“I would never advocate for censoring or preventing anyone from using these platforms but the marketing is so dishonest and mark my words, it will eventually blow back hard on our industry for them being associated with crypto.”

CEO of crypto casino BetHog, Nigel Eccles, also noted how Kalshi ads are advertising to young adults the message that, if they can’t afford their rent, they should gamble on the platform instead to make back even more money. 

Eccles claimed that operators view these ads as “highly unethical,” and highlighted that the ads promote both underage and problem gambling. 

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Crypto World

Crypto Exchange Bithumb to Delay IPO until after 2028: Report

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Crypto Exchange Bithumb to Delay IPO until after 2028: Report

According to the company CFO, Bithumb was “strengthen[ing] accounting policies and internal controls” ahead of its IPO plans, already delayed from 2025.

South Korea-based cryptocurrency exchange Bithumb is reportedly expecting its initial public offering (IPO) sometime after 2028, in another delay after restructuring and regulatory hurdles.

According to a Tuesday report from Maeil Business News Korea, a Bithumb official said that it would “focus on preparing for the listing until 2027.” CFO Jeong Sang-gyun said at the company’s annual shareholder meeting that Bithumb was “strengthen[ing] accounting policies and internal controls” following an IPO advisory contract with Samjong KPMG.

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Shareholders reconfirmed CEO Lee Jae-won for a two-year appointment at the Tuesday meeting, but the delayed IPO timeline was the latest after Bithumb initially expected a 2025 listing. Under Lee, the exchange faced a six-month suspension and a $24 million fine from South Korean authorities for alleged anti-money-laundering violations.

A major South Korean exchange going public could impact local markets and crypto adoption in the country. Dunamu, the operator of crypto exchange Upbit, is reportedly planning an IPO following a share swap with Naver Financial, expected in September.

Related: South Korea tax agency seeks private crypto custodian after security lapses

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Bithumb made headlines in February after the exchange mistakenly credited many users with about 2,000 Bitcoin (BTC) instead of 2,000 South Korean won. The error briefly created internal balances totaling more than $40 billion, though most of the funds existed only on the exchange’s internal ledger and were later reversed.

Mixed signals in South Korea’s crypto policy shift

Lee Jae-myung took office as South Korea’s president in June 2025, and his political party quickly moved to introduce legislation on the issuance of payment stablecoins.

South Korean lawmakers initially proposed a tax hike on crypto gains expected to take effect in 2021. However, the measure has faced repeated delays and may be scrapped entirely, according to reports from March.

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As of March 2025, an estimated 16 million South Koreans held accounts on crypto exchanges.

Magazine: A newbie’s guide to surviving crypto winter