70% of the 1,100 WSJ-reviewed clips being shot on dummy Polymarket UIs lands on the same weak spot as the recent Ghost Fills paper: most of the trust surface sits off-chain, from creator funnels to CLOB matching, while Polygon only sees whatever survives to settlement. If regulators are already looking at 1.95M reverted match-order txs and $1.49M in extractable profit, staged wins aimed at U.S. users turn “transparent markets” into a much harder sell. Kalshi and the CFTC side can now frame this as consumer protection instead of anti-crypto panic.

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