Only 12.7% of Crypto Wallets on Polymarket Show Profits

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Table of Content

In today edition we talk about

• Only 12.7% of Crypto Wallets on Polymarket Show Profits

• HBO Documentary Suggests Peter Todd is Satoshi Nakamoto, Developer Denies Claims

• US Government Charges Four Crypto Companies and 14 Individuals in Fraud Crackdown

• Ethereum Co-Founder Vitalik Buterin Considered a Contender for 2024 Nobel Prize in Economics

Only 12.7% of Crypto Wallets on Polymarket Show Profits

New data from Layerhub, an on-chain analytics tool, reveals that just 12.7% of wallets on Polymarket, a decentralized prediction market, are reporting profits. Out of 171,113 wallets, 149,383 (87.3%) failed to turn a profit, while only 21,730 wallets made gains. Most of the profitable wallets saw earnings below $100, with just 2,138 users making over $1,000. However, it's important to note that some traders use multiple wallets to manage high-risk strategies.

HBO Documentary Suggests Peter Todd is Satoshi Nakamoto, Developer Denies Claims

HBO's new documentary Money Electric: The Bitcoin Mystery suggests that Canadian Bitcoin developer Peter Todd is Satoshi Nakamoto, the creator of Bitcoin, a claim Todd denies. Producer Cullen Hobak presents evidence pointing to Todd, who jokingly responded, “Well yeah, I’m Satoshi Nakamoto,” a phrase Todd often uses to protect the real creator’s privacy. Todd later denied the claim on social media, stating, “I am not Satoshi.” Hobak's theory partly rests on a chat log where Todd discusses sacrificing Bitcoin, which the film interprets as a clue to Nakamoto's identity.

US Government Charges Four Crypto Companies and 14 Individuals in Fraud Crackdown

Boston federal prosecutors have charged four crypto companies—Gotbit, ZM Quant, CLS Global, and MyTrade—along with 14 individuals for fraud, Reuters reports. The U.S. Justice Department's action is part of an ongoing crackdown on the crypto industry, following similar actions against Binance. The charges allege market manipulation and sham trading, with defendants accused of creating crypto firms, lying about their tokens, and using wash trades to inflate prices before selling them at artificially high values. Four defendants have pleaded guilty, and over $25 million in crypto has been seized. The FBI even created its own cryptocurrency, NexFundAI, to help expose the fraud. The SEC has also filed civil charges against some of the companies and individuals involved.

Ethereum Co-Founder Vitalik Buterin Considered a Contender for 2024 Nobel Prize in Economics

Vitalik Buterin, co-founder of Ethereum, is being discussed as a "non-traditional" but deserving candidate for the 2024 Nobel Prize in Economics. Economists Tyler Cowen and Alex Tabarrok, in an Oct. 8 episode of their Marginal Revolution podcast, highlighted Buterin’s contributions to monetary economics, citing his creation of Ethereum and its cryptocurrency. Cowen praised Buterin for refuting Mises' regression theorem and advancing the blockchain space, while Tabarrok likened Ethereum’s transition to proof-of-stake to a highly complex and daring operation. Both agreed Buterin’s work represents significant intellectual contributions, second only to Bitcoin's creator, Satoshi Nakamoto

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