Polymarket Denies Market Manipulation Claims Following Major Bets on Trump for 2024 Election
Polymarket a decentralized prediction market platform has addressed allegations of market manipulation after reports surfaced about a user placing millions of dollars in bets favoring Republican nominee Donald Trump for the upcoming 2024 U.S. presidential election. According to Bloomberg the investigation traced the significant wagers back to a French citizen working in the financial sector.
In a statement to Bloomberg Polymarket clarified that their investigation revealed the individual in question was making a directional bet based on personal beliefs regarding the election outcome. The company emphasized that no evidence had been found to suggest that this user was involved in manipulating the market or attempting to distort it. Furthermore they indicated that the user had agreed not to place any further bets without prior notice.
This statement came after concerns were raised about a user identified as “Fredi9999” who reportedly held a substantial stake in election-related bets raising doubts about the reliability of the prediction market. Bloomberg noted that Polymarket is currently re-evaluating user information on its platform especially for those making large wagers to ensure compliance with its rules.
As of Friday morning Polymarket’s official poll for the “Presidential Election Winner 2024” showed Donald Trump leading with 65.8% of bets compared to Vice President Kamala Harris’s 34.2%. However national polls indicate a competitive race between the two candidates with just ten days remaining until Election Day.
Trump has been a vocal supporter of cryptocurrency having launched his family’s platform World Liberty Financial during his campaign. Meanwhile Harris has promised to implement fair crypto regulations should she win although she has yet to provide specific details about her proposed policies.
The controversy surrounding election betting has garnered attention as some U.S. lawmakers advocate for a ban on such activities arguing that political betting could undermine the integrity of the democratic process. They contend that election gambling diminishes the seriousness of democracy by shifting motivations from political beliefs to financial gain.
Elon Musk CEO of X has previously claimed that prediction markets could offer more accurate insights than traditional polling methods due to the involvement of real money. As Election Day approaches Polymarket’s oversight of election bets will continue to be scrutinized amid ongoing discussions regarding the ethical implications of political betting.
