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The Polymarket trader who bet big on a Donald Trump victory made much more than previously thought.
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New research from Chainalysis estimates total profits of more than $85 million, up from $48 million.
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As many as 11 accounts were managed by the same trader, the company said.
A Polymarket trader who bet tens of millions on Donald Trump’s presidential victory appears to have reaped a much bigger profit than previously known.
A new estimate now puts that figure at more than $85 million, well above the previous figure of $48 million, according to research from blockchain analytics company Chainalysis.
The company also said that as many as eleven accounts are linked to the same so-called whale trader, recently revealed as a French trader known as Théo. The whale was previously believed to have controlled four accounts.
There was speculation that the bets and their impact on Polymarket presidential election odds were a campaign to influence sentiment toward Trump. But in an interview with the Wall Street Journal last week, Théo indicated that the bet simply reflected a strong belief.
It wasn’t always a given that the trader would succeed: A day before the election, his four known accounts held about $3 million in unrealized losses as the race heated up.
Collectively, Polymarket traders are betting around $3.7 billion in volume on who would win the US presidency. The surge has since prompted French gambling regulators to investigate the site and ensure it complies with national law.
Read the original article on Business Insider
