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A man reportedly earned $85 million through a series of bets on Polymarket, a crypto-based prediction market popular for wagers on the U.S. election won by Donald Trump, according to a blockchain analysis firm that spoke with AFP on Wednesday.
The Wall Street Journal identified the bettor as a French citizen and former trader named Theo, who chose not to disclose his last name. Last month, Polymarket confirmed that a French bettor had placed a substantial wager on Trump winning the November 5 election.
Chainalysis, a U.S.-based blockchain analysis firm, revealed that it had cross-checked and identified 11 Polymarket accounts with similar activity. These accounts were funded and placed bets simultaneously, and were later emptied at the same time, Chainalysis reported to AFP. The bettor staked a total of $70 million on Trump defeating Kamala Harris, resulting in an $85 million profit after the election outcome.
The Frenchman confirmed to the Journal that he had indeed earned this amount. Polymarket has yet to respond to a request for comment from AFP.
Launched in 2020, Polymarket operates as an offshore betting platform where users can only place wagers in cryptocurrency, technically restricting U.S. residents from participation.
Despite pre-election polls suggesting a close race between Trump and Harris, Polymarket and other betting platforms listed Trump as the favorite to win. On Wednesday, U.S. news outlets reported an FBI raid on the New York home of Polymarket CEO Shayne Coplan, with agents seizing his phone and other electronic devices.
The reasons for the investigation remain unclear, but a Polymarket spokesperson told Axios that the raid appeared to be “obvious political retribution by the outgoing administration against Polymarket for accurately calling the 2024 presidential election.”