Polymarket Trader Profits $320K from Biden’s Last-Minute Pardons
- A trader on Polymarket made $320,000 by accurately predicting Joe Biden’s last-minute pardons.
- Two linked wallets placed high-risk bets with low odds, achieving a perfect win rate.
- The bets included pardons for Adam Schiff and Hunter Biden, with odds as low as 6%.
- A $21,711 bet on Jim Biden’s pardon at an 11% chance yielded a $198,220 return.
- The trades have raised concerns about potential insider information and prompted calls for tighter oversight.
On-chain data has revealed that two connected wallets on Polymarket profited significantly from well-timed bets on presidential pardons issued by Joe Biden in his final hours in office. The precise nature of these bets has led to increased scrutiny and discussions about the need for tighter regulatory measures in prediction markets.
This case exemplifies the potential risks of insider trading within prediction markets, as evidenced by the substantial returns from high-risk wagers with low initial odds. Source
