For journalists.
MSR Decode independently reconstructs prediction-market trading activity from public records and states plainly where the public record stops. MSR is a specialist research and investigations firm that helps reporters check prediction-market claims.
Put your deadline in the subject line so MSR can assess whether it can help in time.
Checking a claim
Working on a story? Send us:
- The claim. What are you trying to verify?
- The evidence. Wallet, market, transaction, screenshot or source material.
- Your deadline. Tell us your deadline so we can assess whether we can help in time.
Put your deadline in the subject line — press requests are triaged first. What comes back depends on what the record supports: a finding with its evidence and its limitation attached, or “could not verify,” said plainly rather than guessed.
The request can take four shapes: one specific factual claim checked on deadline; a fill-level reconstruction of a wallet or market; the data behind a pattern, with definitions and selection criteria; or a method check on analysis you already have. MSR reviews every note and replies personally, usually within a business day.
What we can verify from public records
MSR Decode uses public on-chain records, venue-published records, official records, and other verifiable public sources appropriate to the specific investigation. Each published investigation identifies the relevant source set and material limitations. For a Polymarket wallet, that means activity as served by its public endpoints; other cases draw on public market data, official filings, or other verifiable public sources named in that case’s own workpaper.
- Wallet or account trading history, as served by the relevant venue’s public endpoints.
- Fill-level reconstruction and chronology, built from that same served history, market by market.
- Realized-PnL reconciliation against the venue’s own displayed profit figure, with the gap disclosed either way.
- Position timing, reconstructed against the market’s own clock.
- Concentration and pattern analysis across an account’s public activity.
Each of these is only as good as what the source served for that record in that window, and our own published work exists because that isn’t always the same thing as what actually happened — a completeness signal can read clean on a fetch that is mostly missing. Findings are published with the reconstruction behind them, and where a figure could not be tied to a reconstruction, the page carrying it says so.
What public data cannot establish
Trading activity by itself does not establish real-world identity, common control, intent, possession of inside information, beneficial ownership, or off-chain communication.
- The real-world identity of an account’s owner.
- Common control between two or more accounts.
- Intent.
- Possession of inside information.
- Off-chain communications.
- Beneficial ownership.
MSR does not make these attributions without independent corroborating evidence sufficient to support them. Declining them by default is part of the method: a public trading record carries no name, no motive, and no transcript of a conversation, and no amount of pattern-similarity analysis manufactures one. Where a finding would require guessing at any of the six, MSR Decode does not publish a finding — it publishes what the record does and does not show, and stops there.
How findings are worded
The wording rule findings are held to.
The rule: state what the evidence establishes, and state what it does not establish. Published findings are versioned, and material corrections are recorded publicly, dated. Read the research archive →
The evidence trail
Start with the current report. Its sources, calculations, qualifications and dated corrections are published together.
- Case Work — current investigations and their supporting records.
- Methodology — MSR’s investigative standard.
- Research Archive & Corrections — the historical record and dated revisions.
- Independence Policy — how research and commissioned work remain independent.
Historical July research and tools
The July 2026 wallet-copyability program is retired. Its frozen results, corrections and methods remain public.
Case files
- When Polymarket leaderboard profit diverged from trading profit · 9 min readFive cases from May through September 2026 show payouts, historical values and unsupported credits entering public profit rankings. The evidence supports distinct accounting problems and leaves some ranking values unexplained.Read the report
- Paired Polymarket wallets traded opposite outcomes and moved through markets together · 8 min readIn a review of 97 selected XFM profiles, 40 of 47 complete pairs entered the same markets in the same order. Their opposite positions reveal a repeatable trading routine, while its economic purpose remains unresolved.Read the report
- An account named in a Polymarket payout proposal bought more shares 14 seconds later · 3 min readAn account named in a Bitcoin market’s payout proposal bought more No shares 14 seconds later. Its 61,713-pUSD surplus came from its full trading history in that market.Read the report
Standalone research notes remain at Research Notes. Earlier work and corrections remain available in the Research Archive & Corrections.
Data and workpaper access
For data reporters: the artifacts behind published figures.
Current case reports link to the public source files and calculations used in each investigation. For the retired July program, the workpaper retains per-wallet reconstructions behind the historical scorecard. For the historical ledger, raw provenance — in the ledger’s own words, “full position dumps, content hashes, and each freeze's exact fetch” — is committed and available on request under the auditor-access terms stated on that page. Read the ledger’s auditor-access terms →
Research support for reporting
Where MSR’s analysis has assisted a reporter’s own investigation.
- Anna Gross, Financial Times. MSR Decode assisted Financial Times journalist Anna Gross with Polymarket fund-flow analysis for her reporting. View public acknowledgment →
The acknowledgment above is Anna Gross’s own public post. Assistance of this kind is analysis of public records; what a reporter publishes, and how, remains theirs.
Editorial assistance
Press support and commercial work are kept separate.
Routine factual verification for journalists and researchers working on a story for publication is provided without charge. Commissioned research is separately scoped work — see MSR Verify. In either case the wording rule above holds, and a negative or “insufficient” finding renders exactly like a positive one. Read the independence policy →