In this post:
- The NYC residence of the CEO of Polymarket was searched on suspicion of running an unauthorized commodities exchange.
- With high-stakes wagers on Trump’s win in the 2024 election, Polymarket sprang to popularity.
- A trader named “Théo” wagered $85 million on Trump’s victory.
The Polymarket CEO’s home in New York City was raided on suspicion of operating an illegal commodities exchange. Polymarket gained popularity with high-stakes bets on Trump’s victory in the 2024 election.
“Théo” was a trader who bet $85 million on Trump winning.
CEO of Polymarket criticizes FBI raid
Shayne Coplan implied that he was writing from a new device after his previous one was confiscated when he said, “New phone, who dis?” in his first post following the raid. He even voiced his displeasure with the activities of the government.
The Biden administration, according to Coplan, was making a “last-ditch effort” to target businesses they believed were connected to political rivals. He said Polymarket has a strong commitment to nonpartisanship. He suggested that the incumbents take stock of their actions and acknowledge that adopting a more pro-business, pro-startup stance might have been the difference that made the difference in this election. The CEO of Polymarket emphasized that millions of people had benefited from the platform throughout this election cycle and millions of people in this election cycle and caused no harm to anyone.
Ultimately, he appears to be pleased to state that there has never been a more promising future for America, and American entrepreneurship in particular.
The volatility of Polymarket’s trading
The 2024 elections caused Polymarket’s rise to abruptly end, as its trade volume fell by 84%. Since the confirmation of Trump’s presidential victory, its daily active users have decreased by 53 percent. Massive activity occurred in the prediction market, which generated a total of $3.7 billion in election-related wagers.
However, the platform’s activity is currently drastically declining as jackpot payouts are finished.
After placing a large wager on Trump’s victory, a trader going by the name “Théo” reportedly made almost $85 million. This was almost twice as much as the initial estimate of $48 million. It was discovered that in order to place his high-stakes bets, Théo ran at least 11 accounts.
Many speculated that his trades would be a campaign ploy, but they ended up being a “high-conviction outlook.”
