Prediction market Polymarket has connected a French trader to a group of accounts betting heavily on Donald Trump’s odds of winning, amid concerns about potential market manipulation.
Polymarket discovered that a French trader was behind several accounts that had placed large bets on Donald Trump’s chances in the upcoming US presidential election.
According to a report in The New York Times, an online prediction markets spokesperson said one trader with “extensive trading experience and a financial services background” manages four accounts – Fredi9999, Theo4, PrincessCaro and Michie – and holds a total of about $28. I checked. The bet regarding Trump’s odds of winning is $1 million.
Questions have been raised about whether these accounts artificially inflated Trump’s odds, but PolyMarket reportedly found no evidence of manipulation, emphasizing that traders were simply taking directional positions based on their personal views on the election.
Polymarket sees massive surge in betting ahead of upcoming elections
Polymarkets also added that it had communicated with traders as part of an investigation conducted jointly with external experts, including specialist research firm Nardello & Company. The company reported that the account was used to place relatively small bets to accumulate contracts without significantly increasing the price.
Meanwhile, an unknown trader with the username Ly67890 placed a huge bet on Kamala Harris, boosting her odds on the market prediction platform. The trader bought $2 million worth of Yes shares for Democratic presidential candidates just 11 days ahead of the US election, according to data from Polymarket. Most of the bets were worth less than $1,000, and only six were worth $100,000.
As of press time, Trump is leading Polymarket with 62.2% support, while Kamala Harris has been declining since early October and currently sits at 38%.