Written by: 0xjs
Background
Polymarket is a leading global on-chain prediction market platform, with trading volume surging to billions of dollars, especially during the 2024 US election, and is considered a "bellwether" for the crypto prediction market. Kalshi is another prediction market platform that directly competes with Polymarket.
Paradigm is a top venture capital firm focused on crypto investments. Its founder, Matt Huang, has been active on the X platform for a long time and often shares insights into the crypto ecosystem. Paradigm recently invested in Kalshi, which foreshadowed the subsequent controversy.
Origin of the Event (December 8, 2025)
Community and Media Reactions
Support for Paradigm: Some users praised Storm's discovery, believing it exposed the vulnerabilities of DeFi data integrity and served as a helpful reminder to the industry.
Questions and FUD Accusations: More controversy focused on "motives." Many users pointed out that Paradigm is an investor in Kalshi (participating in all three most recent funding rounds), and Huang's repost was seen as "smearing a competitor."For example: