Summary
A person using a prediction market platform called Polymarket made $436,000 by betting on the removal of Venezuela's president, Nicolás Maduro, before it was announced officially. This has raised questions about whether the bettor had inside information. Congressman Ritchie Torres has introduced a bill to prevent government employees from making these kinds of trades if they have nonpublic information.
Key Facts
- A user of Polymarket bet $32,537 on Nicolás Maduro's removal and earned $436,000.
- This bet took place just before President Donald Trump announced Maduro's capture.
- Polymarket is a platform where people use cryptocurrency to place bets.
- Odds of Maduro's removal increased significantly on Polymarket shortly before the official announcement.
- The identity of the bettor is unknown and linked to a blockchain identifier.
- Congressman Ritchie Torres introduced a bill to ban trades by government employees if they have nonpublic information.
- The prediction market industry has grown in the US, with more platforms allowing bets on various topics.
- While insider trading is illegal in stock markets, prediction markets have fewer regulations.
