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New Delhi
There was cause for gloating among crypto market traders on Wednesday after Donald Trump's victory. However, the bets of a closely watched French trader are likely to pay off millions of dollars.
An anonymous trader, whose real name is fredi9999, has four accounts on the polymarket predictions site. The French whale now stands to make over $48 million on his bets of a Trump win in predictions for the US Election outcome. This is based on Bloomberg calculations.
The four accounts will earn almost $22 million in the platform's most popular market, betting on the next US president. Other election-related bets, like Trump's popular vote or Pennsylvania's electoral college victory, brought in an additional $26 million.
Among all users of the Polymarket, two accounts belonging to the French trader generated more profits than any other in its history.
Since fredi9999's bets were among the biggest in Polymarket's presidential markets, suspicion of market manipulation began to mount, and scrutiny of his trading habits intensified weeks before the election.
According to Polymarket's probe, the individual responsible for the four accounts is a French national with a wealth of financial services knowledge who only wanted to wager on Trump's prospects.
How does betting work on Polymarket?
Only Polymarket can use Bitcoin to purchase "yes" or "no" shares. That monitors the outcomes of future events. The implied likelihood of each result is determined by the quantity of instruments bought and sold. Under each account's holdings, the profit total, which is the difference between the purchase price of the shares and one dollar, can be seen.
Even though Trump and his opponent Harris had been running neck and neck in the days preceding the vote, the betting markets turned significantly in Trump's favour.
Since Polymarket frequently showed trump win percentages that were many percentage points greater than other prediction markets, It had become a favourite among trump fans.