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FBI Seizes Polymarket CEO's Phone, Electronics After Betting Platform Predicts Trump Win

The FBI raided Polymarket CEO Shayne Coplan's Manhattan apartment, seizing his phone and electronic devices. A source close to the matter told The New York Post it was politically motivated due to Polymarket's successful prediction of Trump's election win. It's "grand political theater at its worst," the source said. "They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons." Although no charges were filed, the raid has sparked controversy, with speculation of political retribution and concerns over potential market manipulation, as Polymarket faces scrutiny both in the U.S. and from French regulators. The New York Post reports: Coplan was not arrested and has not been charged, a Polymarket spokesperson told The Post on Wednesday evening. "Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections," the rep said. "We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good." Coplan posted on X after his run-in with the feds: "New phone, who dis?" Polymarket does not allow trading in the US, though bettors can bypass the ban by accessing the site through VPN. The FBI's investigation comes a week after Coplan said Polymarket is planning to return to the US. [...] In 2022, the online gambling platform was forced to pause its trading in the US and pay a $1.4 million penalty to settle charges with the Commodity Futures Trading Commission that it had failed to register with the agency. [In France, regulators are investigating Polymarket's compliance with national gambling laws, with concerns about unauthorized gambling activities within the country.] A Fortune report published a week before the election found widespread evidence of wash-trading on Polymarket. "Polymarket's Terms of Use expressly prohibit market manipulation," a Polymarket spokesperson told Fortune in a statement.

Read more of this story at Slashdot.




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IBM Boosts the Amount of Computation You Can Get Done On Quantum Hardware

An anonymous reader quotes a report from Ars Technica: There's a general consensus that we won't be able to consistently perform sophisticated quantum calculations without the development of error-corrected quantum computing, which is unlikely to arrive until the end of the decade. It's still an open question, however, whether we could perform limited but useful calculations at an earlier point. IBM is one of the companies that's betting the answer is yes, and on Wednesday, it announced a series of developments aimed at making that possible. On their own, none of the changes being announced are revolutionary. But collectively, changes across the hardware and software stacks have produced much more efficient and less error-prone operations. The net result is a system that supports the most complicated calculations yet on IBM's hardware, leaving the company optimistic that its users will find some calculations where quantum hardware provides an advantage. [...] Wednesday's announcement was based on the introduction of the second version of its Heron processor, which has 133 qubits. That's still beyond the capability of simulations on classical computers, should it be able to operate with sufficiently low errors. IBM VP Jay Gambetta told Ars that Revision 2 of Heron focused on getting rid of what are called TLS (two-level system) errors. "If you see this sort of defect, which can be a dipole or just some electronic structure that is caught on the surface, that is what we believe is limiting the coherence of our devices," Gambetta said. This happens because the defects can resonate at a frequency that interacts with a nearby qubit, causing the qubit to drop out of the quantum state needed to participate in calculations (called a loss of coherence). By making small adjustments to the frequency that the qubits are operating at, it's possible to avoid these problems. This can be done when the Heron chip is being calibrated before it's opened for general use. Separately, the company has done a rewrite of the software that controls the system during operations. "After learning from the community, seeing how to run larger circuits, [we were able to] almost better define what it should be and rewrite the whole stack towards that," Gambetta said. The result is a dramatic speed-up. "Something that took 122 hours now is down to a couple of hours," he told Ars. Since people are paying for time on this hardware, that's good for customers now. However, it could also pay off in the longer run, as some errors can occur randomly, so less time spent on a calculation can mean fewer errors. Despite all those improvements, errors are still likely during any significant calculations. While it continues to work toward developing error-corrected qubits, IBM is focusing on what it calls error mitigation, which it first detailed last year. [...] The problem here is that using the function is computationally difficult, and the difficulty increases with the qubit count. So, while it's still easier to do error mitigation calculations than simulate the quantum computer's behavior on the same hardware, there's still the risk of it becoming computationally intractable. But IBM has also taken the time to optimize that, too. "They've got algorithmic improvements, and the method that uses tensor methods [now] uses the GPU," Gambetta told Ars. "So I think it's a combination of both."

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