Polymarket identifies one trader driving Trump bet activity on platform

Prediction market Polymarket has linked a single French trader to a group of accounts that heavily bet on Donald Trump’s election odds, amid concerns of potential market manipulation.

Polymarket has found that one French trader is behind several accounts that placed large bets on Donald Trump‘s chances in the upcoming U.S. presidential election.

According to a report The New York Times, a spokesperson for the online prediction market confirmed that one trader, possessing “extensive trading experience and a financial services background,” controls four accounts — Fredi9999, Theo4, PrincessCaro, and Michie — collectively holding around $28 million in bets related to Trump’s election odds.

While questions arose about whether these accounts artificially inflated Trump’s odds, Polymarket reportedly found no evidence of manipulation, emphasizing that the trader was merely taking a directional position based on personal views of the election.

You might also like: Crypto market will be calm before US election: analysts

Polymarket sees surge in big bets ahead of upcoming election

Polymarket also added that it had communicated with the trader as part of an investigation conducted in collaboration with external experts, including Nardello & Company, a specialized investigations firm. The company reported that the accounts were used to place relatively small bets to accumulate contracts without dramatically increasing their prices.

Meanwhile, an unknown trader with the Ly67890 username placed a massive bet on Kamala Harris, increasing her odds on the market prediction platform. The trader bought $2 million worth of “Yes” shares for the Democrat presidential runner just 11 days ahead of the U.S. elections, according to data from Polymarket. Most of the bets were worth less than $1,000 and only six were worth over $100,000.

As of press time, Trump leads on Polymarket with 62.2% support, while Kamala Harris has seen a decline since early October, currently sitting at 38%.

Read more: Consensys appeals for pro-web3 regulation in open letter to future US president

Source