Polymarket embroiled in a racial discrimination controversy, official silence incites public outrage

On Tuesday, it was supposed to be a celebration day for the prediction market platform Polymarket - the company was officially authorized to operate in the United States. However, this milestone moment was completely overshadowed by racist remarks posted by its social media account, causing an uproar.

The controversy originated from a message posted by the account @PolymarketTrade under Polymarket, which used derogatory terms like “Jeets” to refer to South Asian and Nigerian users, and claimed that it would revoke their platform badges. It is reported that “Jeets” is an insulting term for South Asian communities, including those of Indian descent. Although the post has been deleted, it has already sparked a strong backlash on the social media platform X.

Users of the competitor prediction market Kalshi have become vocal critics. User “Wojak Codes” stated: “Polymarket wants to make money in the Indian market but openly insults Indians on their official account. If they do not apologize, this matter must escalate.” Many critics condemned the remarks as “despicable and shameless” and pointed out that such behavior will hinder cryptocurrency from attracting new users.

Despite a few supporters trying to argue that “jeet is not a derogatory term” and using the example of the Polymarket-sponsored Indian animated character to deny racism, such voices are weak. Abhitej Singh, founder of Bento.fun, pointed out that Polymarket was originally an excellent company that comes along “once in a century,” but its recent performance on social media has deviated from its original intention, falling into the quagmire of “inciting hatred and online violence.”

So far, the controversial account of Polymarket and its CEO Shayne Coplan have not publicly apologized for this incident. This public relations storm has not only tarnished the company's milestone moment but also caused profound damage to its brand image and user trust. It is worth mentioning that Polymarket is seeking new financing at an extremely high valuation of up to $12 billion, and being caught in a vortex of racial discrimination at this time will undoubtedly have a negative impact. (Cryptonews)