Just four accounts spending $30 million on Polymarket turned a 50-50 betting market into one 62-38 in Trump's favor over the past couple weeks. This is why betting markets are NOT accurate predictors of elections. One person with a lot of money to burn (cough cough, Elon Musk) can manipulate the odds.
The accounts betting big on Trump—Fredi9999, Theo4, PrincessCaro and Michie—were all funded by deposits from Kraken, a U.S.-based crypto exchange, according to Arkham. They behave in a similar fashion, systematically placing frequent bets on Trump and stepping up the size of their bets at the same time, Arkham found. The oldest of the accounts was created in June, while the newest was created this month.
A Mystery $30 Million Wave of Pro-Trump Bets Has Moved a Popular Prediction Market
The accounts betting big on Trump—Fredi9999, Theo4, PrincessCaro and Michie—were all funded by deposits from Kraken, a U.S.-based crypto exchange, according to Arkham. They behave in a similar fashion, systematically placing frequent bets on Trump and stepping up the size of their bets at the same time, Arkham found. The oldest of the accounts was created in June, while the newest was created this month.
A Mystery $30 Million Wave of Pro-Trump Bets Has Moved a Popular Prediction Market
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