Polymarket, the prediction market platform that became a household name during the 2024 US election cycle, has a corporate structure that looks like it was designed by someone who really didn’t want to be found. Its international operations run through a Panamanian entity called Adventure One QSS Inc., registered at a law firm address in Panama City’s Oceania Business Plaza. An NPR investigation found no actual operational presence at the listed headquarters.
This wouldn’t be especially alarming in isolation. But pair it with an FBI raid on the CEO’s apartment and a prior CFTC enforcement action, and the picture starts looking less like creative corporate planning and more like a company playing an increasingly complicated game of regulatory whack-a-mole.
The Panama connection
Here’s the thing about Adventure One QSS Inc. The Panamanian entity isn’t just Polymarket’s offshore vehicle. It shares its registered address with over a dozen other crypto companies.
Even more interesting: the same law firm address has prior legal ties to FTX, Sam Bankman-Fried’s collapsed exchange. The firm was listed as an unsecured creditor in FTX’s bankruptcy proceedings for approximately $13,889.
