Polymarket Achievement Diminished by Controversial Scandal

Tuesday was anticipated to be a day of joy for Polymarket, following the announcement that it has received approval to operate in the U.S.

However, this achievement has been marred by allegations that one of the prediction market’s social media accounts posted a racial slur. The message stated:

“All Jeets, Turks and Nigerians LARPing as egirls will have their Polymarket affiliate badges rescinded by EOD tomorrow. Please get your last slop posts in before then.”

The issue lies in the term “Jeets,” which is a pejorative used to refer to individuals of South Asian descent, particularly those from India.

The now-removed post on X triggered significant backlash among followers, especially from those linked to the competing prediction market Kalshi.

“Wojak Codes,” who holds a Kalshi badge on this social platform, was among those who participated in the criticism, stating:

“Companies like @Polymarket want to operate in India and make money here but they encourage such disgusting slurs against Indians from their official accounts. if they don’t post an apology, this needs to be escalated.”

Up to this point, no apology has been issued — neither from the @PolymarketTrade account that shared the contentious post, nor from its CEO Shayne Coplan.

Some critics have labeled the slur as “nasty work” and “unpardonable,” and described it as “extremely unprofessional.” Another individual noted that such language is unlikely to attract a new generation of users to engage with crypto.

Nonetheless, a few Polymarket traders have sought to defend the platform — asserting that “jeet” is not a slur, and that the company cannot be deemed racist because “they literally sponsor an Indian South Park character.”

A particularly thoughtful viewpoint was shared by Abhitej Singh, the founder of Bento.fun. While he characterized Polymarket as a “once-in-a-generation company,” he voiced concerns regarding the recent tone of its social media communications.

“Everyone I’ve interacted with at Polymarket deeply cares about users and about their impact as a company on an information-driven world. But lately, the social media presence has felt a little out of touch with that vision defaulting to ragebaiting and trolling, the very things it set out to defeat.”

While Singh emphasized the importance of official social media accounts being humorous, clever, and engaging, he contended they must adhere to a fundamental principle: “Never abuse or insult users irrespective of their place of origin, ethnicity or background.”

Regrettably, this is not the first instance where a Polymarket post has sparked controversy. During the summer, the platform’s Sports profile faced accusations of being “disrespectful” when it encouraged users to bet on so-called “dildo dailies” — predicting when sex toys would be thrown onto the court during a women’s pro-basketball game.

The site has also generated significant discomfort by allowing individuals to wager on natural disasters like the California wildfires — essentially providing bettors a means to profit from the suffering of others. It was also involved in the unusual incident concerning British YouTuber Lord Miles, who unsuccessfully attempted to complete a 40-day fast in a desert.

Polymarket’s latest controversy highlights a couple of harsh realities. One is that the discourse on X has become exceedingly toxic — and alarmingly, racist language is increasingly being normalized. The fact that the site’s executives have yet to apologize or even acknowledge a misstep underscores this. It is also concerning that the staff member who authored the post did not pause to reconsider before hitting send.

The second reality is that, despite the discussions surrounding mass adoption and mainstream acceptance, the language and communication styles employed by crypto-focused companies risk alienating everyday consumers.

Indeed, Polymarket is preparing for a notable return to the U.S. — years after it was banned under the Biden administration. This comes at a time when prediction markets are entering a prosperous phase, with trading volumes in November expected to break records.

However, for this company to draw in the billions of users it desires, as well as institutional interest and significant partnerships with major brands, it will need to engage in some introspection — and consider whether this “crypto bro” discourse could potentially harm the business.

Will that occur? I wouldn’t place a bet on it.

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