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Crypto

Polymarket World Cup betters lose millions after Spain draw despite 92% implied win odds

Polymarket World Cup bettors who backed heavy favourites suffered multi-million dollar losses after a run of unexpected draws, including Spain’s 0-0 against Cape Verde. A wallet dubbed fishalive made about $9 million after betting Spain would not win and taking a Cape Verde spread. Other traders lost large sums on Spain, the Netherlands and Belgium. Trading in the tournament winner market reached $2.46 billion as regulatory scrutiny continued.

Crypto

U.S. lawmaker proposes bill to hold seized bitcoin as reserve asset

A bill is being pursued in the U.S. Congress that would require the federal government to hold bitcoin seized in law enforcement operations instead of auctioning it. Republican Representative Nick Begich said the proposal, called the American Reserve Asset Modernization Act, aims to replace the practice of immediate sales. He argued bitcoin could serve as a reserve asset because of scarcity and a dispersed ownership base, and described it as insurance against potential dollar depreciation.

Industry

LG heat pumps win series of large European orders

LG Electronics is raising its profile in Europe’s heat pump market with a series of large orders. The company is supplying heat pump solutions to a housing complex of about 1,000 households near Madrid and about 500 households in residential developments in Belgrade. It is installing its Multi V i system in Spain and providing tailored solutions in Serbia using Multi V i and Multi V s. LG is also deploying its Therma V R290 Monobloc across Europe.