MetaDAO Team Bets on Own Fundraiser
The P2P.me team, behind MetaDAO, placed bets on Polymarket regarding their own fundraiser. This revelation followed public criticism and initial denials. Their investment allowed them to exit with $35,200.
Background of the MetaDAO Fundraise
Team betting surfaced during P2P.me's MetaDAO token launch fundraiser, which aimed for $6 million. P2P.me, citing a sub-0.01% fraud rate in its P2P market, sought capital. Notably, 85% of commitments reportedly came from 10 wallets, including institutional capital and VCs. The $15.48 million FDV matched Multicoin Capital's seed round price. Polymarket is a decentralized prediction market. Critics alleged insider trading, citing the team's access to non-public information, and accused the 'P2P Team' Polymarket account of leveraging this knowledge for profit.
Timeline and Specifics of the Polymarket Bets
The P2P.me team placed multiple Polymarket bets on MetaDAO token sale milestones ($1M, $2M, $3M, $4M, $6M). The team stated these bets occurred before binding commitments, with only a non-binding $3 million oral commitment and no signed terms. The fundraiser neared its target within two days, ultimately reaching its minimum. Reports indicated the round closed with $5.2 million from external investors.
Market and Community Reaction
Sentiment scores hit lows of -83 and -81 in discussions. Users strongly disapproved, questioning conduct, with public discourse on social media and forums including 'hard pass' and observations of the project 'getting some flack.' Some suggested the activity jeopardized the ICO and would normalize 'insults toward users and investors.' The $META token experienced market movements, priced at $3.02, reflecting a 3.2% 24-hour decrease and a 12.5% 7-day decrease.
Admission, Restitution, and Fundraiser Completion
After public backlash, the P2P.me team confirmed the 'P2P Team' Polymarket account was theirs, admitting to a lack of transparency. Funds for bets originated from their foundation. The profits from Polymarket were returned to the MetaDAO treasury. The team described their actions as conviction in meeting fundraising goals. Despite community sentiment, the MetaDAO fundraiser successfully reached its minimum target.