"On Wednesday, The Associated Press reported that at least 50 brand new accounts on Polymarket placed substantial bets on a U.S.-Iran ceasefire in the hours, even minutes, before President Donald Trump announced the ceasefire late Tuesday on social media."
"In January, an anonymous Polymarket user made a $400,000 profit by betting that Venezuelan leader Nicolas Maduro would be out of office, hours before Maduro was captured."
"Researchers at Harvard University released a paper last month where, using public blockchain data, they estimated that $143 million in profits have been made on Polymarket by individuals who potentially had insider information about events ranging from Taylor Swift's engagement to the awarding of the Nobel Peace Prize last year."
"Rep. Ritchie Torres, D-N.Y who sits on the House Financial Services Committee as well as the subcommittee on digital assets and financial technology, sent a letter Thursday to the Commodity Futures Trading Commission demanding the regulator review and investigate these well-timed trades."
Congress is calling for investigations into Polymarket after anonymous traders made significant bets on geopolitical events shortly before they occurred. Reports indicate that new accounts placed substantial bets on a U.S.-Iran ceasefire just before President Trump announced it. Previous instances include a $400,000 profit from betting on Maduro's ousting and a $550,000 profit from predicting U.S. military action against Iran. Researchers estimate $143 million in profits on Polymarket may involve insider information. Rep. Ritchie Torres has urged the CFTC to investigate these trades for potential insider trading.
Read at www.npr.org
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