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Indonesia bans Polymarket after bettors wager on president’s early exit
Indonesia blocked Polymarket as authorities widened their online betting crackdown, while Bitcoin bounced from weekend lows and Tether pushed into Georgia.
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Crypto is getting more embedded in global finance, but this week made clear that adoption does not erase the risks.
Indonesia is blocking Polymarket as regulators crack down on online betting, while Bitcoin is bouncing from weekend lows as oil cools and macro pressure eases.
StablR’s depeg added the risk check, showing how fast weak controls can turn stablecoin infrastructure into a stress test.
The theme across today's stories: crypto infrastructure is growing fast, but so are the risks.
Indonesia bans Polymarket after bets on president's early exit surface
Indonesia, the world's fourth most populous nation, just blocked Polymarket entirely.
The ban followed wagers predicting an early end to President Prabowo's presidency.
Regulators framed it as a gambling crackdown, but the political sensitivity was hard to miss.
Prediction markets keep running into the same wall: governments tolerate them until the bets get personal.
Markets
Bitcoin bounces back while a whale bets big against Ethereum
Bitcoin dropped as low as $74K over the weekend before staging a sharp Sunday recovery.
The bounce stabilized majors, but one trader wasn't buying the optimism.
A whale opened a $100M leveraged short on Ethereum at 23x.
That's the kind of bet that either looks genius or gets liquidated above $2,149.
BTC climbed near $78K, ETH traded around $2,125, SOL held near $86, and XRP sat at $1.36.
Georgia partners with Tether to launch national currency stablecoin
Georgia is putting its national currency, the Lari, on blockchain rails via Tether.
The GELâ‚® token will operate inside a purpose-built regulatory framework.
It's one of the first times a sovereign government has co-developed a stablecoin with a private issuer.
StablR stablecoin contracts hit by suspected $10M exploit
Blockchain investigator ZachXBT flagged a suspected exploit draining StablR's EURR and USDR contracts.
The attacker's wallet was reportedly funded through a cross-chain bridge before the drain.
European stablecoin issuers are still a small club, and a $10M hack does not help the recruitment pitch.
On Our Radar
Crypto's wall street pivot: Digital asset investors are suddenly flooding traditional brokers with cash.*
Chasing yield onchain: Solstice launches SLX token for institutions hungry for returns
Sports betting gets weird: Binance Wallet launches a prediction market for live events.
*sponsored
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Until next time.
Estéfano
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