CandleFocus Did a Polymarket trader rig election odds for a side bet?
2024-09-09
Author: Content Editor
Last week, there were allegations of market manipulation in the crypto prediction markets for the US presidential election. Traders claimed that wealthy individuals were betting in two markets simultaneously in order to steal a $4 million pot in a subsidiary market. Screenshots showed unusual price action and large sell orders. The manipulation strategy was unsuccessful as Donald Trump maintained his lead over Kamala Harris. The largest trader involved, "DJTHolder," incurred a loss of over $52,000 but it only amounted to a 1.7% decline in their $2.9 million assets. Polymarket, the platform where the manipulation occurred, reveals the wallets of many traders. Historically, prediction markets have faced regulatory scrutiny and have been shut down by governments. Despite claims of inappropriate trading and bans on US users, Polymarket has continued its operations and experienced significant growth.
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