developing· Security· Updated 29 Oct, 23:28

Polymarket Probes Suspicious Bets on Israeli Election Results

The prediction market platform Polymarket is investigating suspicious trading activity related to the recent Israeli parliamentary election. The probe focuses on hundreds of newly created accounts that placed highly profitable bets on Prime Minister Benjamin Netanyahu and his Likud party shortly before voting closed on Tuesday.

4 newsrooms · 3 languages · since 29 Oct, 19:10

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Polymarket Probes Suspicious Bets on Israeli Election Results — Illustration by baba

What happened

01Polymarket is investigating suspicious bets placed on Prime Minister Benjamin Netanyahu and the Likud party shortly before polls closed on Tuesday.
02More than 600 digital wallets were created on election day to wager on Netanyahu's success and Likud becoming the largest Knesset party.
03Some traders have already cashed out over $100,000 in combined profits from these well-timed bets.
04The bets rapidly increased in value after exit polls showed a stronger performance for Likud than previously suggested.
05Blockchain analytics firms Polysights and Bubblemaps are also examining the suspicious activity and newly created accounts.
06Bubblemaps reported that 101 accounts were funded for the first time on election day.
07Polymarket has not yet found definitive proof of insider trading and acknowledged the bets could be due to lucky or independent analysis.

According to blockchain records, over 600 digital wallets were created on election day to wager on Netanyahu returning as prime minister or Likud securing the most seats in the Knesset. These bets rapidly gained value after exit polls indicated a stronger performance for Likud than initially anticipated. Some of these accounts have already cashed out over $100,000 in combined profits, while others hold significant unrealized gains.

Polymarket's internal team is reviewing dozens of these new wallets, and blockchain analytics firms Polysights and Bubblemaps are also examining the activity. Bubblemaps reported that 101 accounts were funded for the first time on election day. While the timing of the transactions has raised concerns about potential insider trading, Polymarket stated that it has not yet found definitive proof of confidential information being used, noting that the activity could stem from lucky bets or astute independent analysis.

Summarized by baba from the reports of 3 newsrooms. Updated 29 Oct, 23:56