- Donald Trump has notably expanded his lead over Kamala Harris by more than 25% on Polymarket.
- Supporters of the Democratic Party and the mainstream media have raised concerns regarding potential market manipulation occurring on the platform.
- There are allegations suggesting that the decentralized prediction market may be catering to users based in the US.
Recently, Polymarket has attracted considerable attention, particularly its “Presidential Election Winner 2024” segment. This section of the prediction market has matched former President Donald Trump against other candidates for the 2024 US election since January.
As it stands, the leading contenders for this election are Trump and his Democratic rival, Vice President Kamala Harris. Notably, the Republican candidate has widened his lead on the platform by 25.9% with less than a month remaining before the official election.
As of Wednesday evening, results indicated that 62.9% of participants expect Trump to win, while only 37% support Harris. To date, Polymarket has amassed over $2.33 billion in funding volume in this category alone.
Additionally, the mainstream media’s frequent references to this segment of Polymarket have further amplified its visibility, much to the dismay of the Democrats.
Polymarket Reassesses Users in Its Platform
Bloomberg, citing sources familiar with the situation, reported that Polymarket is currently undergoing an internal audit to ensure compliance with US regulatory standards.
At present, the crypto prediction market does not permit users from the US, focusing instead on providing services to international clients.
This action by Polymarket follows claims that US residents may be accessing the platform, with concerns raised about potential use of virtual private networks (VPNs) to circumvent IP restrictions.
Media outlets like Newsweek have also expressed suspicions that Polymarket might have skewed the election-related event data in Trump’s favor, noting its financial ties to former PayPal CEO Peter Thiel, a well-known supporter of the ex-president.
Furthermore, reports highlighted the possibility that recent large transactions in Polymarket’s presidential election data could have originated from a single individual or group. According to Arkham Intelligence CEO Miguel Moore, wagers amounting to $30 million from accounts such as Fredi9999, Theo4, PrincessCaro, and Michie exhibited similar transaction patterns, all funded through the same crypto exchange.
Analysts have also identified several red flags suggesting the potential for market manipulation within Polymarket.
